India mostly exports services (your technology, Pharma, textiles and others), and hence the weakening of Indian rupee may in a sense be ok for the Indian economy. The weakening of rupee will make such export businesses commercially viable and hence add more jobs to the economy, the biggest need of the hour.
On the flip side, India is also among the largest importer of crude oil, and a weakening Rupee, will add to inflation around the country.
So it is a tough call if the Rs weakening is good or bad for the economy, but if we look at our neighbors (China), one of the biggest reasons for their stupendous growth was an artificially controlled weak Chinese Yuan.