> What schools/programs are you planning to apply to? Unless you've been told specifically by an Admissions Officer (from a school that you're interested in) to retest or if there's a scholarship requirement that requires a higher GMAT score, then I think that retesting might not be necessary

I talked to couple of friends of mine in top schools and was told that one month is impossible to finish an application. Now I have about one month for any school. So, changed plan to apply just for INSEAD and LBS. Have not given any thought for a school in US. If I don't get into both of these, plan to apply again next year with improved prospects.

another reason is, applicant pool. I'm from India where majority of applicant pool is dominated by IT folks with 720+ scores. I'm confident of differentiating myself from the application pool in terms of professional experience, but don't want to be booted out in the initial screening of applicants itself because of GMAT score, because I feel I'm capable of 98%le provided some disciplined prep. Also, Q50 might be impressive by global averages, V34 is not.