In this study, we examine the relative contributions of syllabic awareness, phonemic awareness, and oral vocabulary knowledge in early akshara reading ability from Grades 1 through 5. The performance of 488 students in two states of South India, Karnataka (Kannada language) and Andhra Pradesh (Telugu language), was measured. Results from a commonality analysis indicate that there was an increasing independent contribution of syllabic awareness to Kannada and Telugu decoding through the five grades, but the unique contribution of phonemic awareness steadily declined through the five grades, as it became subsumed within syllabic awareness. The contribution of oral vocabulary knowledge did not present a clear pattern across the five grades. This study builds on a growing body of literature on the akshara orthographies to shed light on the precise nature of the developmental asymmetry in the dual syllabic and phonemic representation in akshara reading.