New Delhi, June 2 -- The sudden collapse of India's solar export boom isn't just a sector-specific problem. It reveals something deeper about Indian business.

For decades, Indian companies have displayed great ability in identifying the most profitable point in a value chain while avoiding the most capital-intensive and technologically demanding parts of it. The approach has often delivered exceptional returns, but it has also left entire industries vulnerable to geopolitical shocks, technological shifts and changes in global supply chains.

Solar is merely the latest example. Until recently, Indian solar manufacturers were among the biggest beneficiaries of American efforts to reduce dependence on Chinese imports. The likes of Waaree En...