1. How do you evaluate my profile? ( My goal is to get in any of the top 15 colleges. Primary focus is on school which is good in finance)
Sameer--thanks for the post. I think one of the most appealing things about your profile is something you mentioned about skipping the family business to pursue your passions. Since a very common profile for Indian applicants is working for a family business, the fact that you shunned the opportunity could work in your favor to help you stand out in the crowd.
2. My GPA is pretty low ( 6.93/10). How is this compared to applicants from a similar background. Is my GPA insufficient or a negative point?
I think your GPA is balanced by a good GMAT score, so it may not be a big deal, especially since you obvioulsly have performed well at work. I think leadership is a valuable trait and the leadership you have demonstrated in your career to be logically interpolated backwards to your academic career and stand as a reason why you may not have achieved as high a grade point average as others who were not similarly involved outside the classroom. Not sure if this was the case, but it's my guess.
3. Is my GMAT score weak? How much is the benefit of retaking the GMAT given that I may increase my score from 20-30 points only.
You would in my opinion, receive just very little additional kudos from an adcom for a marginal 20 more points on the GMAT. You have already demonstrated you are smart. Especially for a non-native speaker of English, your score is impressive.
4. Is my selection of schools too ambitious? Which schools would you suggest as the top priority?
You only have a couple outside the top 10, so you might throw another safety school or two in the mix. The top priority is really only a question you can answer yourself, as it should revolve around where you think you are the best fit and where/what you want to do post-MBA.
5. What areas should I concentrate in my profile to make it strong? What are the corresponding weaknesses that you see in my profile?
Weakness is definitley coming from a very deep applicant pool. Indian male software is a very common profile, so you will need to take extra steps to stand out in the crowd. You will be compared to other applicants with simlar profile, so ask yourself how you stand out amongst them. Strengths are definitely in teamwork and leadership, also in following your passion vs. family business.