You may wish to post this in another section, but I am happy to offer my perspective! You are correct that as an Indian male IT candidate, the GMAT score becomes a little more important. It is a bit of a tough call, so I can't offer a definitive answer, but here are some thoughts that might help.
If you really think you can score a 690/700, it is probably worth retaking, even though taking it four times is not ideal. The fact is, however, that your score has increased or decreased by no more than 10 points between each test, so my gut is saying that the outcome the fourth time around might be similar :/
You want to be careful not to show the adcom that you are overly stubborn. At the same time, your score will really determine which range of schools you will be targeting, so if you score well, the schools may see it as a 'persistence pays off' sort of thing. If you don't score that well, then you're applying to lower tier schools anyway.
Also, if you are applying this year, you want to be careful to make the right time trade offs. If it's going to require a lot of prep on your end, that is precious time away from the apps themselves.
Sorry I do not have a great answer for you, but I think it really depends on how confident you are in your ability to dramatically improve your score. If you're really confident and can afford the time it will take, then go for it. On the other hand, the data suggests that dramatic improvement is unlikely, in which case it would not be worth the time. So... the question is, do you go with the data or with your gut?? That is a question you'll have to answer yourself.
Good luck with this tough decision,
Mili Mittal
Senior Consultant
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