To get into one of the best MiM programs you almost HAVE to have a 700+. The reason is very simple: that since you don't have any work experience, really the ONLY thing they have to evaluate your capacity to succeed in your GPA and your GMAT. Now, your GPA is good for Indian schools, but it's not STELLAR either, so you will REALLY need that GMAT. My suggestion to you is to really kill yourself to get that score, cause it will make the difference between an Admit and not.
and good luck on your GMAT!
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