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Multinational companies need to take a cue from the indigenous companies, and from the work culture of the successful ones. Parameters and practices perfected over a period of time in other, more mature markets need to be administered with a huge pinch of salt. The second most populous nation in the world deserves a strategy that is nation-centric.
The multinationals also need to empower the grassroots contact points of the company. In India, a manager who cannot take a call on his own loses respect very fast, and the dealers or customers he deals with are more likely to bypass him completely the next time over. Also, the need to decentralize research and innovation is paramount. With managerial talent in short supply, a focus on promoting merit has to be inculcated. This also means that the local managers should have an equal chance to grow in a transparent environment. 
Setting ambitious targets is just the beginning. The belief comes in only when the domestic workforce sees visits by the global management team. Involvement signals intent and that inculcates belief. India is a very hands-on economy, and companies here cannot be run by remote control.
Cost-effectiveness is another important criterion. In this humongous, and one of the biggest emerging economies, a product without the bells and whistles, but with core competence, is more likely to capture the market than a premium product, but the price strategy has to be based on driving large volumes.