As you probably know, you're coming from the toughest demographic out there when it comes to b-school apps & it's one that tends to have very high GMAT scores (740+). Lots of applicants from this demographic are also coming from IITs. In comparison, your GMAT & undergrad are going to put you at a bit of a disadvantage. If there's any chance to get your GMAT up that would help for sure! It's also not totally clear how many years of work experience you have. Ideally the adcom likes to see 3-5 years -- any more than 5 and it starts to put you at a disadvantage as well.
Another factor will be the business impact you've been able to have at work & your post-MBA goals. The adcom ideally likes to see 4-5 significant accomplishments (i.e. you saved money or generated significant revenue) since that allows you to contribute more to class discussions & also helps convince them that you are up for the rigors of b-school.
Your post-MBA goals are critical as well since your argument for why you need the MBA rests on those. You'll want to not only name strong, clear goals but also explain WHY these are your goals & what you hope to accomplish.
Without knowing more about you & just based on what you've shared here my advice would be to target schools in the 30-50 range based on US News & World Report. If you'd like more specific thoughts feel free to reach out to Claudia at
[email protected] - she can hook you up with an MBA consultant who can give you more detailed thoughts after gathering some more info about you!