Except for the fact that it's nothing like that it's exactly like that.

It's a ridiculous effort by the Indian government that is trying to bury it's awful mismanagement of the economy at a time when nearly every factor is in India's favor (never again will India find basically every Western and non-Western leader basically begging for its support economically and geopolitically, a result of the series of massive own goals by China) by stoking crass nationalism and pretending to be a big bully on the world stage.

But there's nothing racist in the name's origin itself.