# EMS India Pod with InCap: India Is Not A Low-Cost Manufacturing Bet, It's So Much More

- Show: [EMS@C-LEVEL](https://hardwarepodcasts.com/podcast/ems-c-level)
- Published: 2026-08-30
- Length: 48m
- Page: https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m

## Summary

Murthy Munipalli, Managing Director of InCap India, and Otto Pukk, Global President and CEO of InCap, discuss the evolution of InCap India from a small acquired unit into a major electronics manufacturing services (EMS) hub with 2,000+ employees and three factories near Bangalore. They argue that India is no longer a low-cost labor destination but a strategic base for advanced manufacturing, driven by engineering depth, IP protection, and democratic stability. The conversation covers InCap's recent investments in AI-driven SMT lines and flying probe testers to serve massive American conglomerates, as well as the broader growth of the Indian EMS market, which is projected to reach $150 billion by 2030.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=0) Introduction and InCap India's Evolution
- [4:22](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=262) Why India is Not a Low-Cost Bet
- [10:04](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=604) Engineering Talent and Low Attrition
- [13:02](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=782) Growth of the Indian EMS Market
- [17:09](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=1029) Government Incentives and Policy
- [25:26](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=1526) Comparing India and China
- [32:16](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=1936) Technology Investments and Capital Allocation
- [37:37](https://hardwarepodcasts.com/podcast/ems-c-level/2026-08-30-ems-india-pod-with-incap-india-is-not-a-low-cost-manufacturing-bet-its-so-much-m#t=2257) Supply Chain, Logistics, and Future Strategy

## Topics

- [Manufacturing partners & offshoring](https://hardwarepodcasts.com/topic/manufacturing-partners)
- [Scaling production](https://hardwarepodcasts.com/topic/scaling-production)
- [Sourcing & supply chain](https://hardwarepodcasts.com/topic/sourcing-and-supply-chain)
- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Hiring & workforce](https://hardwarepodcasts.com/topic/hiring-and-workforce)
- [EDA & CAD tools](https://hardwarepodcasts.com/topic/eda-and-cad-tools)

## Most relevant to

companies scaling up

## Mentioned

- InCap (company)
- TVS Electronics (company)
- Tesla (company)
- Apple (company)
- Koh Young (company)
- Global Electronics Association (company)
- STPI (company)

## Related episodes from other shows

- [Breaking Down Electronics Manufacturing with Jay Patel](https://hardwarepodcasts.com/podcast/ontrack/2025-12-23-breaking-down-electronics-manufacturing-with-jay-patel) (OnTrack)
- [Episode 116: Earnings (AAPL, QCOM), Intel's Chiplet Bet, AI Factory Thesis](https://hardwarepodcasts.com/podcast/the-circuit/2025-05-06-episode-116-earnings-aapl-qcom-intels-chiplet-bet-ai-factory-thesis) (The Circuit)
- [How Technology is Changing the Manufacturing Game w/ Dr. John Mitchell](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2021-06-22-how-technology-is-changing-the-manufacturing-game-w-dr-john-mitchell) (The Manufacturing Executive)
- [CircuitHub, 12 Years Later with Andrew Seddon](https://hardwarepodcasts.com/podcast/the-amp-hour/2025-08-01-circuithub-12-years-later-with-andrew-seddon) (The Amp Hour)
- [Return of the Trade Show Jedi](https://hardwarepodcasts.com/podcast/the-amp-hour/2022-04-11-return-of-the-trade-show-jedi) (The Amp Hour)

## Citing this page

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