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Varun Gupta, Co-Founder, GOBOULTIndia’s audio and wearables industry sits at a critical intersection of electronics design and component manufacturing, and over the last few years, we’ve seen that intersection turn into a real production engine. With output growing 146% between FY21 and FY25, the PLI scheme didn’t just incentivise manufacturing, it restored confidence across the ecosystem.
What we’re witnessing now is a shift from assembly led growth to capability led manufacturing. PLI backed scale, combined with rising domestic demand, has attracted both global and Indian capital into electronics system design, tooling and supply chains. This is what’s allowing Indian manufacturers to compete globally, not on cost alone, but on quality, speed and reliability.
The next phase, however, will be decided by how deeply we invest in component manufacturing and R&D. Continued PLI support, targeted incentives for high value components and export linked benefits will be crucial in helping startups and manufacturers move up the value chain.
As we look to the upcoming Budget, extending PLI and strengthening export incentives can significantly reduce external supply dependencies and position India not just as a manufacturing base, but as a global hub for electronics innovation, building products in India, for the world
Click to Read Pre-Budget Quotes from Various Industry Leaders
Subodh Garg, CFO, Cashify
- As India charts its path toward Viksit Bharat 2047, the Union Budget has an opportunity to shift the electronics sector from pure scale to sustainable value creation. Manufacturing momentum is now proven, but the next phase lies in strengthening capital formation, employee participation, and full-lifecycle value retention of electronics
- From a startup and talent perspective, taxing ESOPs at the time of exercise continues to create friction, as employees are taxed on paper gains without any liquidity. Aligning ESOP taxation with actual monetisation would make ownership more meaningful and strengthen the ecosystem. Similarly, greater consistency in the treatment of long-term capital gains for unlisted shares would encourage longer holding periods and support patient capital as companies scale. At the same time, uncertainty around angel tax continues to weigh on early-stage funding, particularly where risk is highest
- At an industry level, India’s electronics opportunity now extends beyond first-sale manufacturing. With electronics imports still significant, organised refurbishment and recommerce can become a practical import-substitution engine. Recognising certified second-life electronics within the formal value chain, aligning lifecycle taxation, and simplifying duties on components and spares would allow devices to generate value multiple times, not just once
- The macro shift we would like to see is from import substitution to resource multiplication. If devices assembled in India are systematically repaired, upgraded, and recirculated, the country multiplies the return on every PLI and supply-chain investment. In that sense, the next Budget can help complete the journey from ‘Make in India’ to ‘Make it Last in India’, strengthening resilience and long-term economic value.
