India must attract stable FDI to boost exports and integrate into global value chains, addressing rupee vulnerabilities. Net FDI has declined, necessitating a $100 billion annual target. Key reforms include ensuring policy predictability, reducing tax litigation, clarifying investment rules, and simplifying asset monetization for global capital. India should prioritize export scale over premature localization, reduce input tariffs, and actively attract global manufacturers through task forces and state competition. Lowering the cost of doing business is paramount for embedding India within global value chains effectively.