Hi Mayank,
Thanks for writing in. From the cursory information I have, my inclination is that your biggest challenge will be differentiating yourself from the large pool of male Indian candidates with IT backgrounds. A 720 is a very good score and would be in range at top schools. The best way to differentiate yourself is through your essays -- I'd rather see you spend 20+ hours you would need to prep for the GMAT on writing clear, focused essays, as those will help you more than an incremental improvement in GMAT.
Best of luck,
Daniel Richards
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