IMHO our economic development is now contingent on independence and neutrality.
We should eject ourselves from these alignments and blocs. Rather, we should develop an objective foreign policy framework that clearly reads the reality, and then we work to impose ourselves on that reality.
For example, we know that China wants economic integration, but this is to drive Chinese economic interests -- ours and others be dammed. So, in response, we should acknowledge why China wants that integration, but aggressively assert that we are the gatekeepers. If you want to invest in Pakistan, then you must partner with a Pakistani entity and split the equity, hire locally, source locally, etc.
This is going to jump start our private sector, and it'll show both the US and China that we're not either side's pawn or lackey. It'll show both Washington and Beijing that we are as every bit our own power as New Delhi, and in turn, we'll start getting more respect as a result of it.