Hi TS,
You have more than just a few problems. I'll just highlight three:
1. You do not know what you really want.
NOBODY here can help you with that. Sorry but no, we're not sorry.
2. You do not know how to achieve what you want.
You "want" a higher pay, don't want to work hard for it (ie. management consulting) and expect your (next?) employer to pay you more just because you have an MBA? You couldn't get into INSEAD with a 680 for GMAT and your fantastic academic results and experience? Something is really wrong and you need proper help.
3. You care too much what others think.
If you can't change this, you could divorce your wife and her parents (I'm sure some of your successful friends would advise this too) so you'll at least reduce a heck load of negativity.
If you want the easy way out, you could just go back to India! Be grateful you have such a fallback plan. Us Singaporeans don't.
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