Mao Keji, an emerging India watcher in China, says India is suspicious of large, multinational, technology, and asset-light companies due to history & socio-political atmosphere.
This is very researched and written. Absolutely love the historical perspective the author brings in.
India as a country has always been invaded, attacked and plundered by outside parties. Persians, Mughals and the British have shaped the political narrative of "plunder by outsiders".
So yes the country is sensitive of any foreign influence.