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But she said there are problems for exporters to overcome, not least the increase in oil prices that need to be paid in dollars. India is heavily dependent on imported oil.
"You need a longer, more sustained decline, and it would have to be a decline in the real exchange rate.
"If our inflation continues to be higher than global inflation and if the change in inflation is more than the market depreciation, then you're back where you were."
Taj on the cheap
Perhaps if call centers and cheap t-shirts aren't enough to boost India's ailing economy, then a cut-price Taj Mahal might work.
(Read more: India's crisis a 'wake-up call': Stephen Roach)
Yet the same problems exist. The number of foreign tourists in July rose by 7.9 percent on 2012 according to figures from the Ministry of Tourism released in September, but this wasn't enough to make up the shortfall, with revenues actually decreasing in dollar terms by 1.3 percent.
"No one takes India holidays from overseas on impulse," Gour Kanjilal, the executive director of the Indian Association of Tour Operators, told the Global Post in an email.
"They think, plan and then decide. There is a mood of optimism and some hotel chains have indicated that they have increased reservations and getting good enquiries from overseas."
He said the high cost of fuel would put pressure on airlines to raise prices for internal flights which are often a part of foreign tourists' itineraries.
But the outlook was good for the coming months if travelers considered India to be cheaper than Thailand, Hong Kong and Malaysia, Mr Kanjilal said.
"With the fall of rupee, this gap between India and these countries has shrunk. We can expect double digit growth in inbound traffic."
There had been a particular increase in enquiries from eastern European countries, he said.
(Read more: India swamped by a wave of growth downgrades)
"Only problem is the air connectivity and that will be pinching them. But inbound looks very positive."
But the surest bet for Indians in the next few months is the general election, according to Professor Ghosh.
"Elections are employment generators," she said. "The trouble is it's not a very stable form of employment."