It’s better to talk about both institutes individually to make a more informed decision.

IIT Kharagpur offers a 5-year Integrated M.Sc in Economics and has a wide scope today. There are many advantages to being a part of the IIT KGP family

• It has a rich culture
• Learn and explore new things 
• Branch change at the end of the first year 
• You can seek great help from seniors
• You get a lifetime tag of being an IITian

Similarly, BITS Hyderabad too offers an integrated MSc degree in Economics. Additionally, you can add an extra major (BE course) in your first year, but this is optional. The institute has no lucrative points apart from the fact that it is a decent Engineering college sought by those who are unable to make it into IITs.

Personally, I would suggest you go for an IIT because of the brand name and legacy. You won’t regret this decision later because of the IIT Tag that will already come to your rescue.