That’s an estimate based on pre-pandemic conditions, we can’t say for sure what will happen after the pandemic, the numbers are not pretty in India, and we will have to see how they deal with it.
Further, a lot of the machinery and equipment they use are made in China, whether it’s branded as Chinese or otherwise. They are playing with fire and might get burnt too. This will depend on how the India gov manage the bans.
They will need to massively increase their industrial capacity after they deal with the pandemic, which will be hard if Chinese heavy and electronic equipment is shunned, otherwise relying on service industry alone their economy will suffer further, since the amount of money in people’s pockets will be reduced and a certain level of outsourced services were already pulling out before and returning to their respective countries. It will be a vicious cycle, considering they are now killing apps which otherwise would have supported jobs in the service industry they will be relying on.