You have a good plan B, so I understand why you are targeting only top schools. Normally I would recommend throwing in a couple more down the rankings a bit to ensure admission, but it sounds like from my detective work, that it's either go to a top school or go to plan B. I think your profile is strong and stands out from the average Indian applicant with your US education and work experience. Yours is a very competitive pool, but international applications are down a bit vs. past years and it could be a great time to try and go for your top schools. You will need to lay out a compelling vision, one that emphasizes your track record of innovation and impact. If you can do this well in your applications and articulate why you want the MBA (hint: right now you sound more indifferent given your alternate plans), you should find acceptance in more than one of your choices.
Thanks a lot for your reply. Your analysis is right, the choice is either to go to a top school or plan B.
I am still working on "the story" but the crux is that a bschool gives me the opportunity to expand my horizons and explore other career options - one career switch i'm seriously considering is associate level position @ IB in focused on tech specifically cloud computing applications for enterprises delivered through mobile devices(think box.net). i have a broad and deep understanding of the industry but a mba will be key for me to be able to make this switch.