souryab
Thanks for all the support, everyone.
Assuming my luck continues this way and I don't get an admit this year, how do you guys think I can enhance my profile in one year? I have two ideas:
1. Pass CFA Level 1.
2. Get my science fiction short stories published .

Also, I have read a lot about several M7 schools trending towards younger applicants. Considering I am 28 today, what schools I shouldn't even think of next year?
One more thing...I took my GMAT with only 11 days' prep, and had a small panic attack the night before resulting in only 4 hours of sleep. I believe I can improve on this with another try, say 780. Will that help, considering many of the Indian applicants have ridiculously high scores? Notwithstanding the assertion by schools that all apps are treated equally, we can safely assume the existence of country and region-specific quotas.
I really don't think there is any significant upside to taking the GMAT again if you've got a 750. An improved score will only give you a very marginal improvement to your candidacy, if any at all (in my opinion). In addition to wasting time that could be better spent, you might actually damage your application for next year, as adcom might wonder about your ability to prioritize important things. Honestly, I would not even consider retaking a 750 for a second. It's really not going to make much difference.
As for the CFA - I'm certainly no expert in this area, but I don't think you'll get much bang for that either, although potentially more than a GMAT retake. I would say that if you were going to do it anyways for your career or personal development, go for it - it might help a little. But don't go through that pain for a b-school reapplication. If it's to further your career, that's a different matter.
If it were me, I'd find some interesting EC to get heavily involved in, and try to get more responsibility at work. In my opinion, those two things will give you war more mileage than more test scores. Just my two cents.