The Proliferation Security Initiative (PSI) is emerging as a key anti-proliferation platform with a global reach. However, being a US-promoted initiative with a military dimension, the PSI is yet to gain a multilateral character and raises concerns among nations. While backing the further expansion of this initiative, President Barack Obama seeks its institutionalization and cooperative enhancement. India is exhorted to join this initiative as part of the strategic cooperation with the United States. However, India is yet to decide its approach towards the PSI owing to various concerns. This article deciphers the complexities associated with this initiative while also examining the scope for alternative anti-proliferation partnerships.