This PIIE Briefing traces the complex economic relationship between India and the rest of the world, focusing on the United States. The various chapters, by leading experts, emphasize the contrast between political ties between Washington and New Delhi, which have steadily improved since the 1980s, culminating in the landmark nuclear agreement in 2005, and economic ties, which have lagged despite intensive negotiations and pledges of cooperation. The current moment of uncertainty and turbulence may not seem to be the time for a new collaborative chapter in this frequently contentious economic relationship. But the authors argue instead that a crisis can compel leaders of both countries to rethink their failed policies and expand, not reduce, their economic cooperation. By examining the record of international economic policies in the world’s two most populous democracies, this volume can illuminate a path forward. There are no illusions in these essays about the costs and obstacles. Their assumption is that learning the lessons of the past can guide the way for progress in the future.