The paper provides a rigorous analysis of ASEAN-India economic, trade and integration relations and presents evidence-based scenarios and policy options for improving these relations in the context of ‘Look East’ policy, ‘economic diplomacy’, globalisation and post-global financial crisis. The proposed options are robust in the sense of statistical efficiency and credible as meeting the Friedman (1953) and Kydland (2006) data-consistency criterion. Several plausible regional and global scenarios to accommodate major opportunities and the challenges for India vis-à-vis the ASEAN will be proposed for evaluation.