Not far from our office in Mumbai, there is a big street market with rows and rows of little shops that sell a wide variety of shoes at very low prices. Some pairs cost as little as $4. All of them come from China, and that's not it.
India imports heavily from its eastern neighbour. The bill is $60bn (£38.4bn). The devaluation of the yuan will mean that companies which buy from Beijing will now have to spend a little less.
Firms that make electrical and electronic goods in India import a bulk of their components from China, so they are going to be happy.
Most analysts though, do not expect them to pass on that benefit to consumers here.
But there are several sectors where India competes with China to sell to the world.
Textile manufacturers and chemical producers might have it a little tougher now because in the global marketplace their goods might become less attractive than those from China.
This could be a problem for the economy as a whole because Indian exports have been contracting for seven months in a row already, so another dip might further affect the country's trade balance.