This paper reflects on what the IPEF means for India. The structure of the paper is as follows: the first part traces the principal drivers for engagement in the IPEF, both from the United States (US) and the Indian perspectives; the second part identifies some of the key challenges for negotiation, anticipated outcomes as well as implementation challenges for India across its four Pillars, while dwelling deeper into the Supply Chain Pillar, which has seen substantial conclusion; the third part is the concluding section for assessing the future evolution of the IPEF.