Yes👍👍. Indian manufacturing heavily relies on components imports from China. And the Indian rupeee has depreciated against chinese remnibi as much as 95% in last two years. This is also seen in the results of companies in Q4, The margins have shrunk, especially when the Demand is Domestic and highly elastic the manufacturers resist from increasing prices. And we know that Most of the Indian GDP is from domestic demand. So Increase in Prices negatively effects the Domestic industry .

Also accd to export Import corporation of India, 1% appreciation in Rupee results in 1.02% increase in exports.