A great GMAT score alone is not sufficient
GMAT score is important
GMAT score is important to B-schools because:
It provides an objective assessment of an applicant’s ability to cope with the rigor of an MBA program.
High median score is viewed by prospective applicants as a signal of quality. Also, few prominent MBA rankings use GMAT score as an input in their ranking calculation.
… But there is more to the application process
However, the score matters less once you cross a threshold. (There is nothing official about the threshold, but it’s typically around the median score of your applicant pool. For competitive applicant pools such as Indian, Chinese, and consultants, the threshold could be 20-30 points higher than the median of the school.)
As per this comprehensive analysis (5,000+ data points) of applicants on GMAT Club forum, acceptance rate of Indian applicants at top-20 U.S. B-schools is only 16 percent in 760-770 GMAT range, and 11 percent in 740-750 range. And as per this analysis (12,000+ data points), acceptance rate of applicants from Indian subcontinent is 3 percent at top-7 schools (M7) and 7 percent at other top schools, both the percentages being the lowest among all geographies. (This data is across all GMAT scores.)
High scores improve your odds, but not so much, especially at top schools. (Otherwise, you would see much higher acceptance rates at 740+ scores.) That’s because an MBA program, unlike an undergrad program, is not an academic program. Its goal is to produce future business leaders, and not academic scholars. Therefore, once you cross the threshold, schools look at evidence of leadership, problem-solving, initiative, interpersonal skills, career progression, achievability of career goals, fit with the school, reason for pursuing MBA etc., which they glean from your essays, resume, recommendation, and interview.
You may read more on this topic here:
I offer following admissions consulting packages to cover the post-GMAT application process: