The growing market for lightweight robots inspires new use-cases, such as collaborative manipulators for human-centered automation. However, widespread adoption faces obstacles due to high R&D costs and longer design cycles, although rapid advances in mechatronic engineering have effectively narrowed the design space to affordable robot components, turning the development of lightweight robots into a component selection and integration challenge. Recognizing this transformation, we demonstrate a practical framework for designing lightweight industrial manipulators using a case-study of indigenously developed 5 Degrees-of-Freedom (DOF) cobot prototype. Our framework incorporates off-the-shelf sensors, actuators, gears, and links for Design for Manufacturing and Assembly (DFMA), along with complete virtual prototyping. The design cycle time is reduced by approximately 40% at the cost of cobot real-time performance deviating within 2.5% of the target metric. Our physical prototype, having repeatability of 0.05mm calculated as per the procedure defined in ISO 9283:1998, validates the cost-effective nature of the framework for creating lightweight manipulators, benefiting robotic startups, R&D organizations, and educational institutes without access to expensive in-house fabrication setups.