Economy
India begins FY25 on a strong note as top emerging market: Mint tracker
Summary
India’s top ranking in the monthly Mint tracker has been led by strong PMI manufacturing and stock market performance.The Indian economy started the fiscal year 2024-25 as the best-performing emerging market (EM) economy in a monthly Mint tracker, continuing its trend from the previous year.
With a composite score of 83, out of a maximum possible score of 100, India topped the EM league table in April with a persistently strong purchasing managers’ index (PMI) in the manufacturing sector, where it has had the best reading in the rankings for 12 months in a row—and in all but three months since November 2021.
Also read: India ends FY24 with a hat trick as No. 1 emerging market: Mint tracker
All currencies in the list saw a decline against the US dollar in April. However, the decline was fairly contained for the Indian rupee, whose daily average for the month was lower by just 0.4% in April, bettered only by the Mexican peso.
The stock market gained 3.1% in market capitalization, also one of the best among EM peers.
China, with a composite score of 61, retained second place. Brazil climbed four places to the third spot with the highest export growth and import cover in April.
India has been a top performer among other EM economies in the monthly tracker consistently for the last three fiscal years.
Also read: Indian economy’s report card moving away from the red: Mint tracker
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 capitalization.
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The rankings are provisional as the scores will get updated once all latest data is available.
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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.
