Demand may be available, but many fundamentally sound businesses cannot translate it into scalable growth because capital, cash flow and organisational readiness are not aligned.

Private suppliers may not be Private suppliers may not be directly regulated like listed companies, but value-chain reporting and carbon rules are rapidly transmitting compliance expectations through customers and export markets.

Capital is still available, but it is concentrating in businesses with infrastructure, customers, proprietary advantage and a credible reason to exist after the next model update.

The current tariff structure gives Indian generic exporters breathing space, but it does not remove the strategic risk of depending too heavily on one market or one supply chain.

The more durable prize for mid-sized manufacturers is a place inside the supplier ecosystem being built around India’s new anchor plants.