It is beyond doubt that the outcome of the war in Ukraine will shape the contours of a new world order. This conflict will redefine the global world order just as World War I, World War II, the Cold War and the end of the Cold War did. A new iron curtain seems to be descending across the world that is already being described as a divide between ‘democracies and autocracies’. It goes without saying that in the world of realpolitik the only thing that is permanent are ‘interests’ underpinned by the innate flexibility of nation states to respond to the swift pace of events and circumstances. India and several other countries of the global South face geo-strategic pressures as they calibrate their positions in regard to the ongoing war in Ukraine. The moot question therefore is: where does India’s national interest lie on the Ukrainian question? India has reiterated in every forum that there will be no winning side in this conflict and only a negotiated peace set- tlement can offer a lasting solution. The Indian stance of neutrality, marked by several abstentions during voting in the UN Security Council and also on other UN resolutions that condemned Russia as an aggressor state, has drawn international attention. There has been a series of high profile visits of Western leaders to New Delhi as efforts are still on to convince India to shift position and be on the ‘right side of history’. Indian strategic thinkers believe that in a largely unsettled, non- normative unstable multipolar world, India needs to focus on its domestic growth and other core national interests. Maintaining strategic neutrality is a means to that end. This paper will broadly focus upon the ongoing debate about India’s foreign policy stance with regards to the war in Ukraine and the larger issues that have emerged out of it.