Happy New Year!
I guess my answer partly depends on when you want to apply. Are you looking to apply as soon as possible (e.g., by Jan. 20 for Kellogg), or are you willing to wait?
But, I think that you *can* get in with a score of 660. In your case, since you're an Indian male with an IT background (you don't need me to tell you that this is a very common profile!) what will be more important for you than a higher GMAT score will be your essays, recos, and interview.
So, if your amount of time is fixed, then I think it's more valuable to spend your time on creating better essays than studying for the GMAT. But, if you want to wait and take the GMAT again before applying later, it probably won't hurt.
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