Sorry to hear about the dings.
Based on what little info you've provided, it seems like you are a middle-of-the-road Indian IT dude, which means that there are folks like you who get into these schools, and many who don't as well. It's easy to get lost in the shuffle and that is what may have happened to your applications this year.
As for applying to Round 3 at NYU and any other school, that's really a personal decision. Know that Round 3 is an even bigger gamble and you're even more likely to get lost in the shuffle (because chances are, there would've been quite a number of Indian IT guys like yourself who may have already accepted NYU in Rounds 1 and 2).
Assuming you did your best on the applications this year, you will still face a similar issue next year at Booth or Kellogg -- you'll be competing against many other candidates who have very similar profiles as yourself and it will come down to luck of the draw - again there's definitely people like you at these schools, but just as many who don't get in for some reason or *no* reason.
It's sort of like that image of a bunch of men standing by the shipping docks waiting to see if they get hired to work the docks that day. They're all healthy, able and willing - and they seem to have similar builds and height. The foreman comes out, scans the crowd and seemingly picks out men at random - mostly in the front, some in the middle, and a few in the back of the crowd.
All you can do really is to do your best to get to the dock early so you can secure your place at the front of the crowd, and then hope that the foreman picks you.
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