For much of its 9-year run, the Modi government has trumpeted its relative success in attracting higher levels of foreign direct investment. However, FDI has plummeted over the last two years. A few investment announcements from mobile phone suppliers and semiconductor firms do not appear to indicate a larger groundswell of investment. To renew investor confidence, the Indian government must take meaningful steps immediately rather than postponing action until after next year’s national election. The quickening pace of evolving supply chain requires fast action.