I initially thought it might be battery problem and failed jumpstarting it. When I turn the key some cracking noise is coming from the engine. Could anyone throw me some light on this?

 

Cracking noise? Kind of hard to diagnose from that... Is it clicking like the solenoid is engaging? The starter is on the side of the engine facing the firewall, and is just below the intake manifold. If it's a starter problem, the noise might be coming from that area.