New Delhi, Nov. 4 -- Credit to TVS Motor for flagging supply-chain risk, policy timing and industry dynamics, all in one breath. The two-wheeler maker has effectively connected the three forces reshaping India's mobility landscape-the global rare-earth magnet shortage, the domestic boost from GST reform, and the shifting economics of the two- and three-wheeler market. Few automakers have been this forthright about how geopolitics and policy coherence now matter as much as consumer demand.

Sure, the latest news of China approving rare-earth exports to some Indian companies comes as a big relief for automakers like TVS Motor, effectively ending the most immediate supply freeze. But given the broader geopolitical realities, Indian companies...