India, the world's most populous democracy and a rising great power, has maintained a neutral stance towards Russia's war on Ukraine despite strengthening ties with the US and the West. This paper employs the Balance of Threat Theory to explain India's behavior: India's balancing act between the West and Russia is a calculated strategy to effectively manage its security concerns. India, threatened by China and Pakistan, requires cooperation with both Russia and the US for its internal and external balancing. Russia provides India with arms and energy imports, while the US is the most viable partner against China. Moreover, India must maintain its relationship with Russia to avoid further Sino-Russian alignment. Because India is indispensable to US balancing efforts against China, it does not face political consequences for its neutral stance. These findings underscore the need to consider India's geopolitical and security imperatives for understanding its foreign policy.