India’s red-hot streak atop Mint tracker continues for 11th straight month

India retained the top spot for the 11th straight month with the highest PMI reading and best stock market growth.
India retained the top spot for the 11th straight month with the highest PMI reading and best stock market growth.

Summary

India’s top ranking in the monthly Mint tracker has been led by a string of strong PMI numbers, strong stock market performance and superior currency growth relative to its emerging market peers.

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. With a composite score of 83, India topped the EM league table in January. Brazil and the Philippines were second and third, respectively.

Top countries

India retained the top spot for the 11th straight month with the highest PMI reading and best stock market growth. The rupee's gain against the dollar was feeble, but superior to most others.

Brazil climbed up three places to reach No. 2, thanks to the strongest exports growth among peers. The country also has the most comfortable import cover.

The Philippines dropped one spot to third due to a slowdown in its PMI reading and a weaker currency performance compared to December.

 

Methodology note: The tracker is a monthly summary of economic activity across nine 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. 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.

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