Retake GMAT

My target schools are all listed there in my DP.

3 factors to consider (in this order):

1.) When do you want to apply: if its R2 - I don't recommend. If its next year definitely re-take it.

2.) The schools you are applying to: Indian scientist sound cool (I'm assuming you are working with DRDO etc.) If you have a good enough reason to pursue an MBA, with solid essays you can definitely get a good admit.
But, for the schools you have mentioned, I advise to re-take it. You have a more than decent shot at ISB with a 700. For others, you are approx. 20-30 points below the average for Indian candidates.

3.) Whether you were scoring much higher than 700 in the run up to the tests and are confident you can get a higher score.

Good luck.

I realise that a 20-30 point jump in my score would really boost my chances a lot.

I have registered for the GMAT again. Will see how the GMAT prep scores me before I take a final call on either taking the test or cancelling it.

You are certainly targeting a premier list of schools and all of these are extremely competitive, especially for Indian males. However, given the time constraint, I would rather have you focus on developing strong applications rather than taking the GMAT again. There are many ways to prove that you can handle the academic aspect to these MBA programs and the GMAT is just one of these. However, a uncompetitive application (including strong essays, recommendations, resume, etc.) can damage your chances a lot more than these GMAT scores. This is especially important as you are applying to quite a few schools and each one of these applications takes a lot of time to prepare. My concern is that you will run out of time and rush to complete the process.

Kimberly Plaga
Senior Admissions Consultant
Manhattan Review