Hi Vineeths,
Thanks for sharing your questions with us!
(1) Yes, I think your school list represents an appropriate and balanced range of safety vs. target vs. reach schools. Wharton, Booth, and Kellogg are "stretch" schools for just about any applicant nowadays, as their pools have grown increasingly competitive, but you've included options like Fuqua and LBS that help round out your list with programs where your high GMAT score and somewhat non-traditional career background should stand out in a positive way.
(2) Your post-MBA goals of going into MBB consulting and starting your own firm someday will be most believable if you can connect the dots to your pre-MBA experience in the public sector. For example, if you say that you want to specialize in consulting specifically on government relations for large multinational corporations, that makes a lot of sense given your work background, and it also demonstrates how you're uniquely positioned to add value. If you simply want to become a general MBB consultant, you'll have some more explaining to do, such as demonstrating how you've developed business acumen while working for the Indian public sector, because that's less obvious of a transition.
(3) No, I wouldn't advise you to retake the GMAT. Given your score of 740, retaking the exam would likely be a poor use of your time -- it would be better spend preparing your essays, working with your recommenders, etc.
(4) Are you thinking of working in the Big 4 before applying to business school, or after? This seems more closely connected to your existing work experience than MBB consulting, so it's a more natural bridge and is more believable. It doesn't necessarily improve or reduce your chances of admission at any given MBA program; it's a matter of how logical the transition appears to someone who is evaluating your profile and the likelihood that you will become a leader in whatever field you choose after business school.
I hope this helps! Please feel free to reach out to us at
www.admissionado.com if you'd like to chat more. Best of luck!
Doris