Look, Dubya has also declared a moratorium on testing, despite dissing the CTBT. So why would US not sign the CTBT unless it has some intention of testing in future? Same way, India can declare moratorium, and if other countries are happy to accept a MORATORIUM as the reason why they can throw away their "sanctions" and start trading, well, that's good.
If national security demands it (and the right companies are involved), the US will test again. Likewise, if national security really demands it, the GOI will say

to any "sanctions" and test. Then it is up to the other countries to either see the tests as necessary and do nothing, or be oiseules and make a big awaaz about it and re-impose sanctions.
Note that consensus is needed in the NSG. So if the NSG wants to reimpose sanctions, well, they need consensus on that too, and countries who agree with India's need to have tested, will simply continue trading with India.
Ppl need to read Indira Gandhi, not just Buchanan or some racist British colonialist sw*ne. Paraphrasing IG, who said this at a time when India was in what looked like perpetual famine:
If we test because we have to, and the NSG wants to trade with us then they will continue to trade with us. If we don't test and the NSG don't want to trade with us, then they won't trade with us.
NSG clearance only means that those countries who WANT TO TRADE WITH INDIA can trade with India. As long as the NSG clearance does not include some automatic cutoff and dire penalties to those who ignore the cutoff, there is nothing wrong with continuing India's moratorium, and have the whole world see that India has imposed a voluntary moratorium.
The real point here is that India declared a voluntary moratorium at the UN in 1999, and the NSG etc. did not budge. Now they are being forced to recognize that India has a voluntary moratorium, and they are being asked to drop their nonsense based on that.
Where is the defeat in this? Would it be victory if the NSG said:
Whereas India has declared a voluntary moratorium on testing and
whereas we all refuse to believe a word of that since the Injuns are liars....
BUT whereas the US has us by the ba*s and has threatened to crush harder,
Therefore now be it resolved that we will resume trading with India despite our better sense, because the US has won our Hearts and Minds the usual way..
Or is it a greater victory if they say:
Look, India has long-since declared a voluntary moratorium, and for me that's good enough proof of India's intentions, toss out these stupid sanctions and stuff.
The other thing is that proven nuclear weapons may be available for the asking, now that the US and Russia are once again on such sweet terms. Question is whether the nukes India can buy will be better than the ones the Russians give Syria and Cuba and Venezuela.
(Also note that voluntary moratoriums can be "paused" when there are larger interests at stake)
