I've obtained a few bits of webbing made by this manufacturer over the years and also believe it is Indian made. First time seeing a belt by this mfr. though...very nice acquisition.
I wouldn't take the idea that it is an Indian mfr. to the bank yet. One thing that has always bugged me about this mfr's. stamp is the lack of the usual Indian acceptance mark. I know of two versions...one is a capital I with the broad arrow above it...the other is an I with a broad arrow beside it, either side or both.
I think the idea that this mfr. was Indian came from the canvas material used. Most of the time the canvas is the stripey stuff that is not as uniform as Brit or Cdn. canvas. I have seen stripey canvas accoutrements with clear Australian mfr. stamps and Indian stamps so it could still be Aussie made.
I guess it comes down to more research or maybe someday someone will find the answer to this and all will be clear...until then I guess we'll never know for sure.