This book looks at the debates on global value chains (gvcs) and free trade agreements (ftas) as springboards for industrial development in developing countries, especially India. It connects the outcomes in gvc-led industrial restructuring and upgrading to industrial policy choices in trade and FDI liberalization, in particular those through ftas. With the share of manufacturing in GDP stagnant at around 15–16% since the 1980s, India’s policy make Rs have pinned their hopes on greater integration into gvcs to revitalize the manufacturing sector.