Spectre
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I don't see this high risk approach anywhere other than vis-a-vis Pakistan. Other South Asian countries pose no significant security threat and if anything, relations have actually improved under this govt, especially with SL and Bangladesh. Pakistan is a special case. You can be nice, be reserved, be hesitant to state your position, be defensive-- you get appealing optics--the occasional bhaichara-- until something goes wrong which btw always does and it's back to square one. That is the tried and tested approach- the "low risk, low return" approach in your words. The other approach is to be firm, state your position clearly-- talk only if there is a meaningful agenda and cut down meaningless niceties. Is it a high risk approach? Perhaps! But what kind of risk are we talking about here? IMHO it is not a high risk approach but a pragmatic one.
This is not the thread for it but consider India's foreign policy in totality you would see the truth in my words. Diplomacy is very subtle art - you should not only look at things said but more importantly left unsaid.