Okie..This time it is going to be final. No more changes in thoughts.
The decision is final.Will apply to ISB this year and will aim for R1.

Broadly, have to classify the work to be done into the following major tasks.

a) Prepare the recco, provide inputs and get two effective letters.
b) Keep working on the essays again and again until they look polished and correct.
c) Try building an effective resume.
d) Work on any extra cca.
e) Study for GMAT ( the toughest part)