Yes, it was a good strategic ploy to ensure we do not have Pak on both sides.
Where we messed up (and have always done): a) Should have acted big brother to Bangladesh to ensure our good relations and ensure the nation grows under our influence. This does not mean allowing refugees coming over etc. A strict border policy, but ensure the nation feels at home with relation to India.
b) As always, we should have taken that opportunity to resolve Kashmir on our terms and get back our land. We have wasted innumerable chances of resolving this issue and getting back our land from Pakistan's grip - 47, 65, 71, Kargil - you name it. Even now our posture does not show our hard nosed stance to restore our borders. How can the government breathe easy for about 60 years with our land in others' hands.
c) This is one nation where Hindus can call home. If the government is all out to appease Muslims and Christians, which country will give Hindus the sense that it is their land? Secular means, the government should treat everyone equally - if at all they have to give first choice of resources, give it to the down trodden - not by caste. Hindus should unite for this without caste barrier.