As always @RRajagopalanJNU offers much to think about. 3 points:
1. economic and tech strength sets China apart from the USSR, sure, but also its far greater and smarter commitment to ideological conflict with the US. What China is trying to do in Nepal and elsewhere is not 1/4 https://twitter.com/RRajagopalanJNU/status/1361517351888297985

just econ or tech but also even more importantly political and ideological. If the new Cold War lasts for a while, the "deteriorating state of liberal standards in places like India" will begin to matter for it weakens the US and helps China. 2/4

2. If India is the "real glue that binds" China and Pakistan, why is India without agency in ungluing them? "enemy's enemy is my friend", ok. how about "enemy's friend is to be lured away"? Who's the "enemy"/adversary? someone asks. If you can't answer that in the singular, 3/4

Indian foreign policy has a problem. Realism also demands not depending too much on "friends". And China doesn't on Pakistan.
3. Agree a new Cold War is good, if nothing else, to clarify the mind. Haste to conclude new "agreements" with China will cost India over longer term 4/4