Not really.
Chinese companies are still giants in the main high-value, high-volume electronics sector. There is not one company in India that can take on the might of Huawei, Vivo, Oppo, OnePlus, Alibaba Group, Tencent Group and definitely not the likes of Lenovo who are leagues ahead.
China also has its own leadership in terms of software developments; they are actively decoupling their country from the Windows/Mac tied ecosystem that could compromise their internal security through developing their own OS - the
UOS is trying to do that. Though a Linux-based operating system, they are still ahead of the implementation that India has set forward for Bharat Operator System (BOSS) released ages ago.
India has powerful companies but their leadership does not have the right vision, combined with the short-term vision of politicians who take control of the country. PM Modi has been trying his best but sadly, without more PM Modis in the future at state and district levels, this won't be possible.