[honorious]

That's a very good goal. You clearly need a better managers and better companies to work for. The research experience of the PhD might help, but it's not the solution to all problems.

For a more pragmatic point of view, look at where your future professor's students are. In a 250+ ranked school, the school name is not going to land you a great job by default. You'll need to be working with a good professor. Your summary of the publications of who you are working with doesn't seem stellar, but without details on where he publishes I can't say much. How many students does he have?

Do you have only that one offer or more?

[panjaro]

He has 5 students of which 3 have completed PhD, 1 is in progress and another one is MS by Research.

This is the only offer I have.

[honorious]

My advice is to chat with previous and current students to get a feeling on how it is to work with that professor. In this way, you get a view of their experience.

Is the PhD in the US, Europe, or somewhere else?

As for government funded: you also get a monthly stipend, right? How long is the PhD in your country?

[panjaro]

Not sure about the stipend. The PhD is typically 4 years.

[jayd77]

Why not go for a part-time Phd and continue working. Might be a hassle for 5 years but you get the financial security for your family and follow your dream.