Hi
gmatgyan,
It's a little hard to say whether your profile is good enough because I don't know what school you are asking about.

Different schools have different levels of competition - average scores, GPAs, etc. I will say that in general, US b-schools are very tough for Indian males -- there are many high-scoring, well qualified applicants who try, but the schools want to have diverse classes with many types of applicants, so they can't accept all of them. That means you have tougher standards than the norm because each program will take the best from that pool. So, to be competitive, I would look at schools where your GMAT is ABOVE the average by maybe 20-40 points, depending on that school's acceptance rate. I do think a retake would improve your chances further, but of course it is not the whole story - you'll also need to do well on all the other elements of the application.
Good luck!
Warmly,
Julie-Anne Heafey
Senior Consultant
mbaMission