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there is one more factor other than govt patronage, it's the consumption rate. these are instruments of war, only wars can ensure consumption of these goods. India doesn't have a offensive doctrine, so India has to wait for the adversaries to attack for the instruments of war to be consumed.
for now, GoI is plugging the legacy capability and capacity gaps. the pace will be on par with the current demand, and not at the same heightened pace as murican MIC during cold war. expectations need to be managed accordingly.
this is not to say, the current exercise will go to waste, by the end of it only the companies who are in it for the long term will remain and others will fade away.