Hi ankitsethi.1,
Thanks for writing and for your kind feedback. A low GPA can be overcome by showing how you've excelled in other areas of your application, but there is no real formula on how to do this, and it is important to recognize that it is a point of weakness in your profile.
1) You seem to have good work experience and solid GMAT scores. The schools you list are obviously top-tier but with a focused application and a clear story as to why these schools are good fits, you may be able to get yourself in the competitive pile. You mention that you are only interested in top-5-10. I think if you expanded this to top-20 you would find yourself competitive at several more places.
2) You are right that the bar is set higher for Indian males but a 730 is still a very good score. I am inclined to think the success of your application is going to hinge on your ability to to counter-balance your GPA with work experience and demonstrated fit. I believe you may be better off investing time in writing great essays rather than taking the GMATs and hoping to improve on an already strong score.
3)Yes those factors can help balance your GPA. I suggest writing a short optional essay that points out how you improved on your performance toward the end of college, that you succeeded on a high-profile academic project, and draw on any work experience that could translate into an academic setting.
Best of luck!
Daniel Richards
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