Mil28:
Thank you for posting in our thread. Responding to your two questions:
(1) Should I retake the GMAT?
A: Yes. Try to get at least 30 more points. That will help a lot.
(2) Which 1 year B Schools in Europe/India/USA should I target?
A: In Europe, you should go for Cambridge (Judge) and Oxford (Said). I don't think 1-year programs are appropriate for you in the US. They are really designed for applicants with advanced business pedigrees/experience. While you have a great background, it just doesn't stack up with the right profiles for those schools. Would you consider 2-year MBA programs instead?
That said, if you choose to apply anyways you should look at the programs at Northwestern (Kellogg), Cornell (Johnson), NYU (Stern) and USC (Marshall).
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Admissionado