The statement suggests that India's Non-Aligned Movement (NAM) policy during the Cold War was a pragmatic, self-serving strategy rather than an ideological stance, designed to leverage the bipolar world order for its own benefit as a developing nation. This perspective holds significant truth, as NAM offered India a unique position to navigate the complexities of the Cold War.

During the Cold War, the world was divided into two major blocs: the US-led Western bloc and the Soviet-led Eastern bloc. For a newly independent and 'materially weak' nation like India, aligning with either bloc carried significant risks. Joining one bloc would mean alienating the other, potentially limiting access to crucial aid, technology, and political support from both sides. It could also entangle India in proxy conflicts and compromise its newly won sovereignty.

Non-alignment, therefore, emerged as a rational strategy for India to maximize its interests. It allowed India to:

1. Maintain Strategic Autonomy: By not formally aligning, India retained the freedom to make independent foreign policy decisions based on its national interests, rather than being dictated by a superpower's agenda. This was crucial for a nation that had just emerged from colonial rule.
2. Access Aid and Technology from Both Blocs: India could seek economic and military assistance from both the US and the USSR without being seen as a permanent ally of either. For instance, India received food aid from the US and heavy industry support and military hardware from the USSR, diversifying its sources of development.
3. Enhance its Moral and Diplomatic Stature: As a leader of the Non-Aligned Movement, India gained significant moral authority on the global stage. It championed the cause of decolonization, disarmament, and a more equitable world order, giving it a voice disproportionate to its economic or military power.
4. Promote Peace and Stability: NAM aimed to reduce Cold War tensions by advocating for peaceful coexistence and de-escalation, which was in India's interest as a developing nation needing a stable international environment for growth.

While non-alignment had its critics and faced challenges, particularly during conflicts like the 1962 Sino-Indian War, its core rationale for a 'materially weak' India in a bipolar world was indeed to maximize its strategic space and development opportunities. It was a sophisticated diplomatic maneuver that allowed India to punch above its weight and protect its nascent sovereignty and developmental aspirations.