I plan to talk to admission consultants this week and seek opinions here that can help be make a better decision.
Some stats to start with;

Background - Indian, Male, 28

Education - Bachelor of Engineering, GPA 3.6 (Reputed non-IIT college, always among top 3 students), Electronics & Communications

Extracurricular - 1) 2nd highest national NCC (National Cadet Corps - Indian Military Corps) rank. Led squadron of 150 cadets at National level
2) Numerous National and State level search and rescue programs
3) State Level sports captain
4) Various Animal shelter and protection programs
5) Empowering Girl child intiatives and fund raising

GMAT - 650 (Q47,V33) AWA, IR Awaited

Work ex - Business Consulting, Project Manager, 7+ years. USA 4+ years, India 3 years, Mexico 6 months. Managed teams in China and Spain too. Worked at major Retailers. Recent promotions at work.

Target Schools - INSEAD, NUS Singapore, SDA Bocconi, ISB India.

Target time - Fall 2014

Post MBA - Management Consulting

My opinion:
My Positives - Work Ex, Letters of recommendations, Extracurricular and awards
My Negatives - GMAT Score
Negatives not under my control - Indian applicant pool, GPA interpretation at various schools

I seek advice for 1 year programs though open to some reputed 2-year USA programs also. I have decided appear for GMAT again in the meanwhile.
Thanks in advance.

I'm assuming that your work experience is not at one of Insead's top ten partner firms, which seems like a reasonable assumption. That really decides whether you personally are interesting to Insead. I think applying there is a waste of energy.

The other schools are possible if you can improve your GMAT. Have you read GMAT Tiers - strong schools for your GMAT www.find-mba.com/board/27082 ?

Why not the Bocconi campus in Mumbai?

Thanks for replying Duncan.
Your assumption is correct, I haven't worked at INSEAD's top 10 partners. I read through the list you put and was very helpful. Bocconi at Mumbai is a fairly new program and doesn't interest me in terms of value add to my career goals. I am thinking of applying to the two Singapore schools (Nanyang & SMU) and work on my GMAT.

There is also NUS if you're looking at Singapore schools - you could use a GMAT bump, but the average isn't far off from where you are right now.

Thanks Ralph.
I am applying to NUS this Oct when R1 starts. What is your opinion on the Canadian schools? How would they align to my Management Consulting career goal?

There are a lot of good business schools in Canada: Rotman, Schulich, UBC Sauder, etc. And like I mentioned earlier, most business schools place strongly into management consulting - it's like the bread and butter for MBA placements. Best focus on where you want to be (Toronto, Montreal, Vancouver, etc.) and narrow down on industry from there.