India's booming knowledge-based sectors demonstrate the power of globalization to transform developing economies. For India, however, these industries are just part of its contribution to the global economy. For a more nuanced picture of India's international economic position, this paper places India in international and historical context, examines its links to the world through trade, labor, and capital, and outlines some critical challenges facing the country. What emerges is a more complex picture of India -- a nation with far more to offer than skilled programmers but which must address problems of poverty, infrastructure, and governance to achieve its potential.