In LED lighting, for years, Syska, Wipro Lighting, imported LED drivers and MCPCBs from Shenzhen, put them in locally injection-moulded plastic housings, and sold at 3-4x Chinese retail price, calling it "Make in India."
Only think Indian private industrial sector has done since independence is import from China & selling at markup in India.
When that option was not available, they simply didn't imported.
PSUs have built ICBMs, locomotives in 1950s, gas turbines, and supercomputers.