Hello there my friend,
Thanks for dropping by.
Let's start with your questions:
1) Does one require certain pre-requisites to target consultancy after MBA.
Yes. A GMAT over 700. You have it! Congrats!
2) Is it a good choice of schools to target as per my profile?
I think it's pretty fair (although a bit on the tough tough side. You have some tougher schools in there (Tuke, Duke) and some easier ones (Emory, Kelly), which makes for a relatively balanced school list. (You could add one real safe school).
3) Will the fact that I have a 75 percentile in Verbal lower my chances in the above schools i.e. should I retake GMAT?
No. And no. You have a 710. Forget about it! Your GMAT is awesome! It's time to apply.
Let's have a quick glance at your profile:
PROs: Teach for India - (this makes you stand out, and the DEEP volunteer work makes you seem like a good guy!) Working for another big name Indian firm, and your GMAT
CONs: Non-IIT, Okay grades, danger of having a common-seeming profile.
Looking at your profile, my main concern is how you will STAND OUT. This will be the single most important thing in your profile, which as good as it is, seems at least at first glance similar to many others. So put your mind to work on that!
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