Then, they started getting better. They updated their technology, they had better trained workers to run the new machines. Then bike manufacturers started to see what was going on, and started moving big chunks of their manufacturing over there. Last time I checked, companies like Giant, Trek, and Specialized all have some of their manufacturing over there now. Their factories are some of the most advanced manufacturing plants in the world.
I think India has the same potential, but its still about 3-5 years from realizing its own potential. It will be interesting to see if it can make the jump, or remain a great "what if. . " story line.