Hi there, thanks for your question.
So a low GPA is a concern from an admissions perspective but there are ways that you can address it. First, you can get a good GMAT score. Second, you can take supplemental coursework in business subjects and get good grades in those (there are online options for these). Third, you can write an Optional Essay explaining your low GPA and how you've taken steps since then to prepare for business school. We've seen applicants get in to top 100 business schools with low GPAs so I don't see that as a reason to not apply.
Your question about value is a really personal one though and it's tough for me to evaluate without knowing things like - how much do you like your current job? What do you intend to do post-MBA? What are your long-term aspirations? It may be that the MBA is the best way to get there, or there may be alternate paths too. I think generally the research points to MBAs from top schools being worth the investment, if you look at pre-MBA and post-MBA salaries. Most schools share this data, by the way, so that would be a good place for you to do some more research.
Keep in mind too that if you apply to MBA programs, you'll be applying from an extremely competitive demographic (engineers from India) so think about ways you can stand out aside from GPA / GMAT - things like your work experience, your leadership potential, your interpersonal strengths.
Hope this helps and good luck with your decision!