Hi April2007@ISB,
I don't want to sound bad , but you are right , the biggest problem in your ( and mine ) profile is the fact that you are a Indian IT male - this demography is the most competetive one out there for B Schools to choose form and thus for people in this demography a very strong profile is required in any of the Top schools.
As per my understanding every schools tries to maintain different demographic profiles in their class to get the experience for thier students , but since nearly 40% of the applicants are from the "Indian IT male" profile only about 3-5% of this profile gets chosen at the top schools , so if you were in Industry working in some construction company a score of 730 may be good enough for getting into the top schools but in the "Indian IT male" demograph it is very difficult.
But thats not to say you should not apply , I have applied this year for a shot at those 3-5% slots . you never know what they find intrsting in your profile. But to be honest getting into any Top 10 schools with our profile is tough .
Mbabuster
PS : There is a discussion on these grounds going on on the BW forums , just check it out :
BW Business Schools