Hi samrasur,
Thanks for sharing your info with us.
The main challenge for you will be the fact that you happen to be in a highly competitive segment of the MBA applicant pool (Indian / male / engineer). Even though AdComs may not have actual quotas, the reality is that they're trying to assemble a balanced and well-rounded incoming class, so they must take into account demographic factors like ethnicity, gender, and academic / professional background.
To stand out among the Indian / male / engineer population, the GMAT is certainly important (a 740 is strong; while a 760 is course better, in reality, the difference may not be large enough to make retaking the test worthwhile -- you may be better off dedicating that time to your essays, for example). Your undergrad institution and GPA also count for a lot, and the reality is that while your institution and GPA are good, they're not going to be at the top of the application pile. In your case, strategies to stand out could be demonstrating an outstanding track record of promotions, increasing responsibility, and impact (ideally impact that you can quantify using metrics) at your current and previous employers (you would document this primarily through your CV and your letters of recommendation) and demonstrating outstanding soft skills like leadership, people management and development, team building -- you would document this primarily through your essays.
Another important piece of information that we would need to evaluate your competitiveness is what your post-MBA career goals are (both short- and long-term). Do you want to return to the same industry you've worked in pre-MBA? Do you want to switch careers? How realistic / believable would such a switch be? Why do you believe you need an MBA to achieve these future career goals?
Finally, it's important for you to narrow down for yourself the type of MBA program that you'd be interested in (1-year vs. 2-year, geography - US vs. Europe vs. Asia). How competitive your application would be will vary quite a bit depending on those factors.
Feel free to post your answers to the above questions, and we'll do our best to assess your profile with those additional details.
Best,
Doris