“When signals evolve rapidly, or differ between the Centre and States, companies naturally become more wary, hesitant and measured in committing fresh capital,” said Vinay Piparsania, founder at MillenStrat Advisory and Research. “A new vehicle programme is typically committed four to seven years before launch, with $300–500 million already invested in engineering, tooling, localization, supplier development, and manufacturing. Once those commitments are made, changing course is costly and disruptive.”