This does not need mulling until and unless you are unsure of the route that will need to be followed subsequent to the step. The cost versus benefit analysis needs to be thoroughly undertaken before undertaking such steps.
The advantages:
1. Indian posturing of the Balakote strikes being anti-terror operations and subsequent PAF action being an aggressive action in support of terror gains traction. It bolsters the message intended to be conveyed through the strikes without undermining own narrative if we fail to diplomatically support our military narrative.
2. Enables India to adhere to no talks till terror infrastructure is dismantled and punishments to terrorists meted posture.
3. Strengthens Indian demand for recognition of Pakistan as a terror enabler.
4. Enables US also to overcome hesitancy among their own politicians over designating Pakistan as such.
5. Enables India to keep its options open and flexible.
Disadvantages:
1. Closes direct diplomatic routes as declaration as terror sponsor country and keeping consulate in Pakistan defeats the purpose.......complete reliance on third party/Track 2 diplomacy. Effectively junks Shimla Agreement (anyways junked).
2. Economic measures needed to be taken to dissuade entities trading in India from trading in Pakistan, sans which, is merely symbolic.
3. Requirement to enforce an air and naval blockade/system of checks and balances under PSI/counter terror operations.
4. Requirement to prepare for military engagements with Pakistan.
My personal view is that the GoI must go ahead with this measure and prepare to impose a no fly and economic embargo on the country, while preparing for a military confrontation as a response.
Three dimensional approach is needed:
1. Getting all neighbours i.e. Iran, Afghanistan in addition to India, on board.
2. Freeing Navy to conduct enforcement operations in North Arabian Sea.
3. Enforcement of no fly zone over Pakistan.
4. Selective use of covert forces to eliminate terror modules within Pakistan.
5. Enhancement of Counter Intelligence operations (with the usual screams of Privacy!) within India to identify and neutralize enenmy sleeper modules.
6. Financial and material costs on those trading with Pakistan.
Remaining, after giving a due thought