I disagree with your interpretation of this code. I see nothing in it that gives LE the right to stop you for carrying and demand to see your license.
As I said before, it doesn't explicitly give them that right. Rather it gives them the right to ARREST YOU, INCARCERATE YOU, AND PROSECUTE YOU for illegally carrying a handgun. They can do so right up until you decide to produce your license.
Read the IC Code that Bill posted. The section I posted deals with using your license as an affirmative defense against arrest/prosecution under the section Bill posted.
Best,
Joe