Thank you everyone for the inputs. Keep them coming if there are any which are missed out. These would definitely help folks.
Well the DAC plan was put on hold, as the friend was skeptical carrying it, especially if it gets chucked at airport screening.
However, just to test waters, I was able to get PI2AES, which in a fully assembled avatar in the cabin bag with no issues.
My takeaway was like
@sebi mentioned bringing down the items in fully packed, even with custom charges will be beneficial as opposed to having to import, if such an opportunity arises. Also longer the period of stay, the 'personal effect' claim is easier to substantiate.
Further items costing less than INR 50,000 should not really be an issue from customs standpoint.