India feels that it will be able to juggle all the players against each other to squeeze maximum benefit for India. It's an ambitious strategy and can pay huge dividends if India can pull it off. India is also lucky not to be in the lead and let China take all the flak from the West's nervousness.
We have a saying that if you stand in the middle of the road you will get run over. I think its very risky for india. Especially by neglecting the neighbourhood countries or being half hearted about neighbours Iran and Russia who are normally friendly with India could start moving away. Americans have proved in the past to be unreliable allies