Electronics could evolve from a rapidly growing export sector into the cornerstone of India's next manufacturing and export-led growth cycle, Yes Securities said, with Monte Carlo simulations showing a 55.2% probability of generating a high FTA Opportunity Score. The brokerage sees Engineering & Machinery and Pharmaceuticals as broad-based beneficiaries too, while Textiles, Gems & Jewellery and Specialty Chemicals face structural headwinds despite FTAs. "India's recent wave of FTAs marks a fundamental shift in economic strategy from cautious protectionism toward deeper global trade integration," Yes Securities said in a research report. To assess impact, it built an FTA Opportunity Score combining five dimensions: change in sectoral export share, structural trade competitiveness, export momentum, manufacturing growth, profitability relative to exports and FDI intensity. Monte Carlo tests ran 2000+ iterations by varying weights to check robustness.