I wouldn't plan on it, even with a great GRE.
(1) He missed this application cycle. That's three gap years. My first reaction would be "is this guy serious?"
(2) 2.74 is way too low. 3.2 is low, and it's his best term yet! (I'll believe his 3.8 in the upcoming term when I see it.) And even if he gets a 3.8 in the next term, the overall is below 2.9. Maybe I could get the Dean's OK for this, but do I want to use up a chip to try this?
(3) Suppose he get a 98%+ on the GRE. (Another thing I will believe when I see) What should I conclude from that? I would conclude "Smart kid. Has trouble passing his classes." Then I would wonder what the chances are that he makes it through his coursework and the qual here. What do you think his chances are? 20%? 40%?
(4) Letters? Says nothing about letters. What do you think the letters from a 2.74 student - or even a 3.2 student - will look like?
(5) India. There are an infinite number of students from India. I can surely find one who is less risky.
Finally, he wants a "decent PhD program". I don't know what "decent" means (but he says "India", so I suspect it's Ranking, Ranking, Ranking!) , but if you say "above average", 12-15 schools confer half of the physics PhDs. Do you think he'll get into the Top 15? Top 25? Top 35?
No, I think he should be making other plans. Sure, he might ace the GRE, and he might get lucky in the overall process, but I wouldn't make any plans around that.