Hey Rohan,
Thanks for dropping by... sounds like you are just starting out. Now let's start off with the all important question of the GMAT. First of all you can see a long post I wrote about this here:
to-retake-or-not-to-retake-that-is-the-question-indian-153716.html.. but for you my answer is easier and maybe clearer: retake the GMAT until you break at least 700. The Indian applicant pool (and especially the IT male applicant pool) is too big and too competitive. And from what I can read here, your work experience is pretty middle-of-the-road, so without a supremely good GMAT you are going to have a tough time getting into good schools.
It's worth it even if it means you have to wait one more year or two to apply. You are young! So there is no rush really! (I know you feel like you want to go NOW, but still, it's far wiser to go to the best school possible).
I would also urge you to join one or two serious activities in which you have the opportunity to gain leadership (and at least one real volunteer experience). Because right now, your profile seems a bit thin to me, and working on it for the next year would probably be a wise choice as well, as it will make you a much more attractive candidate for the AdComs.
If you have any other thoughts, questions, ideas, dude, just go ahead!