will it be good to conduct PhD after my masters. if agree than what prospect actually i should go for?

If you want to do a PhD, then start looking to do one. Maybe if you are unsure you should decide what sort of job you are likely to want to do in the future, and if you can do this without a PhD then maybe you shouldn't do a PhD. Its entirely your choice, many people with masters don't do PhD's, but then again many people with masters do. It all depends on what you want to do with your career.

Ashok, PhD ideally takes 4yrs and in some cases more yrs to get. If you want to have a career in research, then PhD is ideally the next step. However, if you get an RA position with your MSc degree and you stick to it you can still be promoted in the ranks.But then years of experience required is much more than with a phD.

Know your pros and cons, your definite aim in life (MBA, teaching, research, etc.), see what is required to acheive that goal, its impact on your family life, decide accordingly.
Good luck!

I am interested in doing PhD from Australia or some European country but I lack the information on how to go about looking for the right institution and funding....