You can fly Emirates from Mumbai to Mauritius via Dubai (about Rs 45,000 next March, and currently the cheapest option), or opt for a fiddly Air Mauritius code share with Jet Airways that stops at Singapore and Kuala Lumpur (about Rs 53,000). Colombo would be your obvious choice of halt if you pick the Maldives, and it costs about half as much to get to Malé. Either way, I don’t think you will be able to afford a fortnight’s stay on your budget. For instance, Embudu Village (from Rs 15,000) or the Sun Island Resort (from Rs 25,000) are both considered budget resorts in the Maldives, which should give you an idea of the potential costs. Book through agencies like agoda.com or asia-hotel.net for best rates (thewhiteshell.com had offers for half those rates at the time of writing, so you may get lucky like that). Opt for all-inclusive packages (meals, transfers, some activities), particularly in the Maldives, because you’ll be relying on your hotel for everything.
Both Mauritius and the Maldives have incredibly beautiful white sands and turquoise waters, but they are quite different as experiences, and only you can decide which suits you better. Maldives comprises 1,192 islands, only 196 of which are inhabited and very sparsely at that, dispersed over 90,000 sq km of territorial ocean (yes, 96% of the smallest Asian country, in both area and population, lies underwater). Most visitors to the Maldives are sea-planed or speed-boated from capital Malé to exclusive and very expensive resort islands where they enjoy their dream vacation, returning the same way they arrived, venturing out from their idyll at most for snorkelling and scuba diving, dolphin watching, beach picnics in neighbouring atolls, or whatever else their hotel desk arranges. It’s also a conservative, low-income nation with a closed economy dependent on fishing and tourism (alcohol isn’t served anywhere outside of the resorts).
The vibrantly multi-ethnic, multi-cultural and larger land mass of Mauritius lies off the southeast coast of Africa along with a few outlying islands, including Rodrigues.
Mauritius is also lauded as a model of democratic governance: capital Port Louis proudly claims the encomium of the wealthiest city in Africa. It works equally well for folk who enjoy holidays with lots to see and do: undersea walks, submarine rides, watersports, national parks and botanical gardens (even a volcanic crater), and plenty of shopping in charming cities like Beau Bassin, Curepipe, Grand Baie, Blue-Bay and, of course, Port Louis. The cultural interactions are multifarious (museums, places of worship, heritage Creole homes, art and crafts, languages, and old traditions in food, rum and tea). Mauritian beaches are all proudly public, although swathes of prime beachfront have been given over to upscale resorts. Finally, they have more variety in accommodation across budgets. Consider, for example, the four-star Jalsa Beach Hotel and Spa (from Rs 12,000) at Poste Lafayette on the tranquil northeast coast, or the three-star Le Palmiste (from Rs 6,000), which does not have a private beach, but is located close to the public Troux aux Biches.
Peak season in Mauritius is April to June, but March is the shoulder season, at the tail end of rain and cyclones; end of March may be better. Maldives is best from November to April, so your dates are fine. As alternatives, you could consider combining Kuala Lumpur/ Singapore/Jakarta with Bali (opt for Lombok and Gili, if you prefer more quiet), or a city break at Bangkok with a honeymoon at Krabi, Koh Samui, Phuket or Koh Phi Phi.