In the short run, India is not going to benefit from the free trade agreement with the Association of South-East Asian Nations that was finalised recently. ASEAN is not a natural trading partner of India, and, unlike China, India has not established close relations with the region.
Links:
[1] http://admin.indiaenvironmentportal.org.in/feature-article/does-free-trade-agreement-asean-make-sense
[2] http://admin.indiaenvironmentportal.org.in/category/author/parthapratim-pal
[3] http://admin.indiaenvironmentportal.org.in/category/author/mitali-dasgupta
[4] http://admin.indiaenvironmentportal.org.in/category/journal/economic-and-political-weekly
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/trade
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/economy
[7] http://admin.indiaenvironmentportal.org.in/category/thesaurus/international-cooperation
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/asia
[9] http://admin.indiaenvironmentportal.org.in/category/thesaurus/india