India's ranking in the emerging markets league tables has improved as the Indian economy has recovered from the lows of 2020. According to the most recent update to Mint's emerging markets tracker, India ranked second among big emerging markets in February. India has climbed to the top of the rankings for the second month in a row.
The Emerging market tracker was released in September of last year, considers seven high-frequency indicators across ten large emerging markets to help us understand India's relative position in the league table. The tracker's seven indicators include both real activity indicators like the manufacturing purchasing managers' index (PMI) and real GDP growth, as well as financial metrics like exchange rate movements and stock market capitalization adjustments. The final rankings are determined by a composite score that gives each indicator equal weight.
India has recovered over the past few months, in both the real economy and financial metrics. India was the only country to capture positive GDP growth figures in the December-ended quarter, followed by China and Turkey. While the Philippines recorded the worst rate (-8.3%). India's manufacturing purchasing managers' index (PMI) has also recovered more quickly than other countries. In February, only Brazil (58.4) had a higher PMI reading than India (57.5).
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