Accurate. I'd say India did not lose the place because it did not have one to begin with. It never had, never wanted, never tried to get, and will probably never have one. India just wants to hold summits and talks, with others praising Indian talent in Insta-reel-sized clips.
Nothing shocking about the fact that the country that does not design or manufacture chips or semicap, has no ability or compute to train models, and is allergic to investing a rupee in R&D has lost their place in AI.