National interest, as this article contends, does not determine foreign policy. The belief that a state can, does and should pursue the national interest presupposes that the state in some way or the other represents all sections of the national society; after all, modern states are nation states legitimised in the name of peoples constituted, however, as separate nations. It is, in fact, the political and therefore moral character (which changes over time as well) of the leadership strata that makes and shapes foreign policy decisions. It is against this background that this article makes an analysis of Indian foreign policy and the shifts seen in policy since 1991.