Economy
India retains second spot among emerging markets in November, trails China: Mint tracker
Summary
- India’s economic activity remained strong, winning it the second rank among its emerging market peers, but poor performance by the stock market and exports kept it behind China.
India retained its second rank among emerging market peers in November, driven by a modest depreciation in the rupee, robust manufacturing activity, and steady GDP growth, according to Mint's Emerging Markets Tracker. However, a weaker stock market performance, a decline in exports, and an unfavourable inflation reading prevented India from clinching the top spot.
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India’s average monthly stock market capitalization dropped 4.6% month-on-month, while exports declined by 4.8% year-on-year during the month. Inflation pressures also weighed on the overall score.
India narrowly trailed China, which secured the top spot thanks to a significant boost to its stock market following fiscal stimulus measures introduced in September and November to support its struggling economy. China's average monthly stock market capitalization rose 2.5% month-on-month, tipping the scales in its favour.
Also read | India’s trade braces for an action-packed 2025
Indonesia climbed to third place, surpassing Thailand, buoyed by solid export growth and stable inflation.
Launched in September 2019, Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators: real GDP growth, manufacturing PMI, export growth, retail inflation, import cover, exchange rate movement, and stock market.
The rankings are provisional as the scores will get updated once all latest data is available.
Methodology note: The tracker is a monthly summary of economic activity across nine large emerging markets based on seven high-frequency indicators. Latest available data is used. On each indicator, the best-performing economy gets a score of 100, the worst one gets zero, and the others get linearly-interpolated relative scores. A country's composite index score is the simple average of its seven indicator scores.
Earlier, the tracker had a 10th country, Russia, but it has been dropped temporarily as some data has not been reliably available since the Ukraine war began.
