ok..and which year are u targeting ? 2012 or 2013 ?
I too am from India (and pretty much in the same situation

)
what i am doing :
I tried cutting the travelling time (I work from home more frequently ) so I save 3 hours travelling time on a day..if i do this twice a week and study for 2 hours in weekdays and hit 6-8 in weekends..I reach my goals..I am happy with my progress...
One of my friends actually changed his shifts from normal workings by moving it 3-4 hours into the afternoon (officially u might have to come up with a very good reason and saying MBA/GMAT is NO NO.. some suggestions sick friend..heavy traffic and so on ).This way u can study with max concentration and also work as much as required..remember its just 3-4 monthis of pain and nothing else..and quitting is not a option..
Also remember sick leaves are you best friend in this time..and do plan out ur pto's..
Take this as ur first challenge and plan accordingly..
Hope that helps