Rod, I'm not sure. Probably not quite bogus; more what might have been.
Your stamp is part of this set

Gibbons says "A set of four stamps, ½a.Anna red, 1a. violet, 2a. yellow and 4a. deep blue-green, in a design similar to T2, was prepared in 1897 with State authority, but not put into use. These exist both imperforate and perforated. (
Price for set of 4, £18 unused or c.t.o.)"
The story is that an itinerant Swiss watchmaker washed up in Orchha circa 1897, and persuaded the State authorities that they needed a set of stamps. He prepared these as a speculation, at his own expense, but the State decided not to go ahead after all. To recoup his losses, he sold off his material.
I can't explain the colour of your specimen. I suppose it
could be an imitation - anything's possible with the Indian States.
The ironical aspect of the affair is that, when Orchha
did get around to issuing stamps, in 1913, they used a pretty close copy of the rejected stamps:

