In this chapter the focus moves beyond Pāṇini’s grammar to address a topic of major concern within the broader Indian tradition: semantics. While some observations regarding semantics can be drawn from Pāṇini, for the most part semantics was treated as a separate field of inquiry within the Indian tradition until the early modern period. This chapter provides introductions to the traditions of semantic analysis in ancient India and the modern West, and a comparison of their approaches to one issue of central concern in semantic theory: compositionality.