Abstract
This paper is an endeavour to appraise the importance and ‘value’ of India–US defence exercises for Indian policy makers. It examines their dividends, costs, and pitfalls. The paper argues that such combined exercises are not only useful in functional terms but are also necessary. While such exercises are invariably embedded in inter-state relations and grand-strategic issues, in this case the paper confines itself to operational and military-strategic issues. Furthermore, notwithstanding America's own objectives in these exercises, the study examines the benefits and costs to India in absolute, rather than in relative terms.
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