Right now, Pakistan is in a very bad condition, financially. Their government is running on IMF aid. So India will win this war pretty easily. My only worry is that, big nations like US or China shouldn't join the war. It will then become a world war which will eventually bring down the economy of the world.
Actually India isn't in a better economic position either. The years of bad decisions by Modi has created a massive gap between the 0.5% ultra wealthy elite and the 99.5% of the population most of whom keep getting poorer. And when the government claims to have eliminated absolute poverty, when you look at major cities like Calcutta/Kolkata you find countless people who don't even have anything to eat due to extreme poverty.
As for China and US, unfortunately they are both already deep into this conflict. Specially US that they even begged Yemen for a ceasefire so that they could secure their Red Sea route when they want to dump weapons into India to fight a proxy war with China!
Here I completely agreed with you about this currently Modi needs something for next election and this conflict is important for him, he is giving good incentives to elite class which hurting badly them, and they are using now this religious and Pakistan card.
USA needed to take control around China so they are trying to fix things in Yemen then surely they will now keep all their strategy and power for this China CPEC in Pakistan and then in Myanmar through Bangladesh is big threat for India and USA so being strong alley with having big market India is always needed to have good links with the USA, so things are moving for China, but they are doing through this way.
Here usually nothing happening, but media is making too much noise which is surely just for creating confusion and panic which is always their best strategy for them.