What is sovereignty? You cannot eat sovereignty. This treaty will cement close relation with USA further. When India was allied with commies, the growth rate was 2-3%. It has climbed to 9% after India embraced US. If we consolidate our ties further, in next fifteen years Indian per capita GDP will hit $10000. We will be just like western countries. Sovereignty does not matter. Look at Japan. US still occupy Okinawa. Their nuclear battle ships are stationed there. But it does not make any difference so far as ordinary Japanese are concerned. It is great to be US client state as UK, Germany, Italy, whole of Western Europe illustrate.
Also, communists do not believe in sovereignty. They believe in international brotherhood of the proletariat.