As I often tell my Indian friends, the first step you need to take towards getting your MBA isn't even related to the application process. It's related to your mindset. Scores fail to matter after a point. I'd say plus or minus 30 of the average would be around good.
You do realize that given the way the educational system of India is shaped, most Indians are really good at math, don't you? The quantitative score, however impressive it might be, fails to matter say, beyond a 45-48. Doing bad on that will pull you down, but getting a 51 won't necessary say anything, because so did like 3000 other applicants.
The verbal portion is intended to put everyone on a same platform. If you're taking classes that are taught in English, they demand a certain amount of knowledge of the language from all applicants - native and non-native. So this is where you can prove that you're above the average IT applicant in order to master the section, as far as the GMAT is concerned. But bluntly speaking, and honestly put, I really don't think your awesome Q will balance a sub-par verbal score. I'd advise a more even split, in that you don't rely on your 700+ score to be a byproduct of only Q as opposed to an equal contribution from both sections.
As to answering the general direction of your question, there is no such thing as an average score for an Indian IT applicant. In fact, it'd be all the more better for you to distinguish yourself from that "average IT" crowd if you really want to get in.
The adcoms do realize that most Indians who apply for an MBA have an engineering or technical background (I am grossly generalizing here, but it's the rough truth). So unless you scored AIR 1 on the JEE I really don't think it would matter much. As for your undergraduate education, some colleges ask for an essay to detail the experiences. But once again, when you're applying for your MBA program, you should stop putting an infinite amount of importance on your technical scores. The 10th and 12th board exam scores will matter next to nothing and once again, but highlighting your technical background, you will have the opposite effect of what you want to happen.
They do not view your verbal with mercy in the sense that your Q might compensate for an abysmal verbal. But if your application is rock solid in all other senses, they wouldn't care to differentiate between a 40 verbal and a 48 verbal.
So start by telling yourself that the GMAT is but a score on the application. The real merit of your application is in how you present yourself as a distinct entity, very separable from the "IT crowd" that has become notoriously infamous in the MBA communities for placing undue emphasis on their technical skills when there's roughly 10,000 others with the same or better skills. I'm not asking you to completely avoid this in your application, but you should be focusing on that work experience and international exposure you mentioned there thrice as much as the concern you've expressed for your scores.
I apologize in advance if anything I said appeared to be stereotyping the population. But I only said what I did because you identified yourself with the said stereotype. And you needn't have to explain how the system works in India, as I studied there myself before moving to the US. I hope this clears some of the confusion you've had, and I sincerely hope you migrate from your quantitative stance to a more qualitative one.