I would recommend you go ahead and apply this year. While you have what would be looked upon as a "typical" profile for your applicant pool (IT, Indian, high GMAT, NGO experience, etc.), the fact that applications are down and more specifically, international applications at a record low as compared to recent years, you could still find a slot. Your profile is good, it's just that there are many applicants with a similar one. The advantage of fewer applicants could help. Pick four or five schools in your range and if you don't get in, you can always reapply to some and also choose a few new ones next year. In short, the risk of applying now is low.
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