Change is a constant in the international arena and in response to changes in the external world and the politico-economic situation at home, India's foreign policy has been constantly evolving. Its original policy of “equidistance” from the two power blocs evolved into “equal proximity” during the Cold War due to compelling economic reasons. In the post-Cold War era, all major powers including India have been re-evaluating foreign policies and realigning equations in light of the transformations taking place, especially since the onset of globalisation, liberalisation and privatisation. Unfortunately, there seems to be no pattern or “grand strategy” in India's extant policy of alignments and realignments. An enduring and mutually beneficial US–China–India trilateral equation, with the European Union and Russia in the second tier, managing global affairs on an equitable basis would be a worthy long-term strategic goal for India to pursue.