Manufacturing firms in India more vulnerable to exchange rate fluctuations.
The study compared how manufacturing and service sector firms in India were affected by changes in exchange rates from 2000 to 2013. They found that Indian firms were significantly impacted by exchange rate fluctuations during this time. Specifically, manufacturing firms were more exposed to exchange rate changes compared to service sector firms. This suggests that companies in India were more at risk from exchange rate movements after the financial crisis than before.