Right. Bajaj makes Boxers in China and it is completely for export purpose. Similarly, if the incentives are removed in India, Bajaj will produce in the country which offers incentives and export from there.
Such incentives have existed from ages in many forms ( DEPB, SEZ etc.).

One can look at it this way. If GOI removes DEPB, Bajaj will move out with the offer of setting up a plant that will make 1 million bikes, provide employment to 1000 workers, bring in 100 ancillary industries. Then the plant will be set up in that country that offers cheapest production cost. Its a win-win for Bajaj and that country.
The reason why Bajaj is worried is because removal of DEPB will tarnish their balance sheets for at least 2-3 years. But I am sure Bajaj will have Plan B and C.