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We will be ill advised to pursue this in the present time in its present form.
Status Quo
India imported goods worth €34.7 billion from the European union, and exports goods worth €33.2 billion to the EU.
FDI from the EU to India is about €3 billion and from India to the EU is about €0.8 billion.
Refer: http://ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/india/
Sentiments of people are strongly against it. Here is a comparison of pros and cons (written in converse) to show what the FTA holds against the people of India and for the people of India.
"A civilization is built on what is required of men, not on that which is provided for them." (Antoine de Saint-Exupéry)