India story is about manufacturing

The precipitous fall of the rupee against the dollar may be bad news for the economy as a whole and for import-dependent industries, but it may turn out to be just what the doctor ordered for Indian manufacturing. The fall in the value of the Indian currency has not happened in isolation. As the rupee has fallen, so have other currencies – while yet others have appreciated during the same period. But as far as India is concerned, what should be of major interest is the appreciation of the Chinese Yuan versus the dollar.

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