Anitha:
Two years of experience should be fine and requirements gathering and business process development is very much part of project management so you are fine there. If you can get involved in your company's quality management processes (and work on developing them) you have a better understanding of some of the project management approaches and will more easily count towards PM work experience.
Project management is a middle-management field but in the right position you can be indispensable to the organization. Having said that, if you are just a PM without much rapport with the leadership you can become deadweight when times are tough. So while PM's have a lot of opportunities, you really have to put in the effort to make yourself a key player. It should not be a role you cruise in unless you are working for a multi-national where cruising is the norm and mobility is not required to stick around. The progression from PM is generally into the executive/senior management roles OR Project Management Office - this depends on whether your company is matrixed or line-based.
Going into the project management field can be very rewarding (sort of being a mini-CEO) and you end up learning a lot about a lot of things. And, if done well, it can be a 24x7 type job because you end up taking responsibility for the entire project (hence the CEO analogy). While many PM's don't take this approach, I personally prefer those that have that type of take-charge approach (see above about cruising).
MBA is a great way to leap-frog into senior management but make sure you get it from a good school. Otherwise, work experience is more important. Each company is different so I can't say what works for yours but in general getting an MBA is a recruiting move and possibly a recruiting requirement. It's not, in my opinion, necessary for improving your ability to do your job.
Hope this helps.
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