NDA Government No Different In Tackling Economic Crisis: Analysts

"The government talks of national interest, so it can easily say it wants to review old FTAs," Nayyar said.

Pointing out how manufacturing currently contributed to only 10 percent of India's total exports, and half of which are accounted for by low-technology products, Biswajit Dhar, an expert on WTO issues, said an obvious reason for the dramatic downturn in exporting capacity is the complete delink in India between the trade liberalization agenda and domestic reform.

"The middle class do not have investment avenues, which is why gold imports have grown so much. I cannot see a way out of the payments crisis unless we do something dramatic in manufacturing", Dhar said.

Former foreign secretary Muchkund Dubey counselled against wholesale scrapping of FTAs in the interests of regional and global cooperation, but advised caution in proceeding with those with the developed world, like the European Union, who are trying to negotiate stiff terms.

READ MORE: Import Duty On Gold Has Been Reduced By 2 Percent By The Govt: BOAML  and India's Forex Reserves Rise By $1.38 Billion