Hi Vichitra,
I understand your concern regarding the GMAT. It's a common benchmark to shoot for at least 700 to be competitive with the top MBA programs. That said, whether or not it's worthwhile for you to retake depends on how much higher you can score. The 10 extra points between 690 and 700 is not going to make or break your application. There isn't a definitive line where a school will reject you if you don't get at least 700. However, since you're coming from a very competitive background (male, Indian, engineering) it could definitely help your chances if you were to score higher than 700. All else being equal with another candidate that looks like you, it helps to not have a lower than average GMAT score for the school.
The bigger concern I see with you application is your extensive years of experience. You have great accomplishments and leadership experiences, as well as recognition of your talents outside of your company. Not only that, you also have an MBA equivalent degree already. MBA programs are looking for students that can really benefit from the program. People who have enough experience to contribute in the classroom, but not enough to achieve their goals without the MBA. The schools also want to know that you're not too set in your thinking, and are adaptable and open to new concepts and experiences.
In your case, I don't know what your long term goals are. However, if you can achieve them without another MBA, then it would be very difficult for you to make your case to the admissions committee why you must attend their program to achieve your dreams. My recommendation is to look at Executive MBA programs. These programs are tailored to someone with your level of experience or more, and your experience and continued education would be seen as a plus and not a minus.
Hope this helps. If you have further questions, feel free to contact us at
admissionado.com for a free consultation.
Best,
Cindy