Can India really manufacture simple electric motors or LED bulbs, which are used in toys, or all these components are still imported from China and put into so-called made-in-India toys, just like garments made in Bangladesh, but with all components imported from China and only the last low-skilled steps (cutting and sewing) are done in Bangladesh.
I doubt.
Those tiny things are not easy to mass manufacture. Many countries now can send satellites into orbit (even Vietnam is trying), but few can actually mass manufacture a quality bicycle with all domestic components.