If I understand correctly the above, there’s a risk that EU drug exclusivity legislation might be extended to India as part of the agreed FTA. This would align generic entry in India to the EU (itself similar to the US). I don’t know how much of an impact that could be (like is it 1y or 10y of delay? 
).
Yes, this looks concerning. This may have knock on effects beyond generics. If generics are no longer competition, then brand name pharma can raise their prices, because what would stop them? As a patient you’ll pay regardless, because you need the med. That’s bad for everyone, people in India and elsewhere, including those of us who import “cheap” drugs.
Frankly, I find it hard to believe. India has a long tradition of providing affordable medicines for their population, many of whom, let’s face it, cannot afford expensive medicines. This will get resolved one way or another, is what I suspect - or at least I hope so!