Back before things started to change in the 1990's, there were pretty high tariffs on bicycles, but since domestic bicycle companies often needed to import some parts, the same tariffs were not on parts, and companies like Raleigh found ways around the tariffs, by building an assembly plant, shipping ship loads of bicycle parts all over the world, including the frames, then assembling the bikes domestically. My Raleigh road bike is one of these, assembled in Waterloo, Qc everything part, including the head badge is British made (it says Nottingham on it). They had another assembly plant in the US, and likely one in India after the Indian independence, however before 1947, anything that is Raleigh made, would have been made in Britain, as India was a British colony until 1947, so would not have had tariffs on British goods.

It's possible that a bicycle could be Raleigh, made in India at a time right after independence and use another brand name to hide the fact as right after independence, Indians may not have been entirely happy with Britain.