Can you please evaluate my profile?

GMAT: 700+
Age: 24
Demographics: Indian/Male
Education: Bachelor’s in Mechanical, GPA: 3.2 from a good university in India (Top 10 rank in class)/ strong academic focus with 90+ percentiles through school and college.
Current work experience: Full time- 2 years; Part time-6 years

Details of part time work experience:
Started working for the family business when I turned 18. I did not have a fixed task (no task was more important or less trivial than the other; all work had to be done). I also handled sourcing of components, general management of the business and client interaction. The business involves manufacturing and commissioning of a consumer product.
I relocated to another city after graduating to take up a full time job. This city was home to the R&D center of our business. I moved to corporate development. I now started determining the course our business would take and hence appropriately guide the R&D team. I will continue to stay in this role till I apply to college.

Details of full time work experience:
I considered graduation important to get experience in a foreign multinational and in a quest for a logical thinking process that graduates possess. I was also looking for international exposure through this. I have been working with the world’s leading tractor manufacturer for the past 2 years. I work with clients from the US/Europe/China. I have held varying responsibilities from designing to styling to a bit of program management for upcoming tractors. I have spent about 6 months working in China for the local products there.
After asking for a chance to prove myself (on completing a year with the company), I was assigned the china project. It was a runaway success resulting in a triple promotion and a star of the month award. Consequently I will now be given greater responsibilities – mainly working with American and European markets.

Future target work:
I started working in the full time job mainly for international exposure but I still want to continue with corporate development (in line with what I do in my family business) for a large multinational. Preferred post MBA location would be Western Europe.

Extra curricular activities:
Singer in a band, numerous awards in drawing/painting, numerous awards in quiz competitions

Target school: INSEAD

After conducting research, I concluded that INSEAD is the best fit for me. I plan to apply in 6 months time for the Class starting in Jan 2014 (when I have about 3.5 years of full time experience/7.5 years of part time experience). Considering my profile, how would you rate my chances? What can I do in the coming months to improve those chances? What are some of the weaknesses in my profile which I must fix?

Thanks for all the help in advance!

Thanks Shawn for that detailed reply! Appreciate the help.