India’s vulnerability was visible even before the March shock. After holding the top rank in the first half of 2025, India’s standing started to fluctuate from August 2025 even as gross domestic product (GDP) growth and manufacturing PMI stood the strongest among the EMs. The weakness was entirely external, with export performance remaining volatile.
Launched in September 2019, Mint’s Emerging Markets Tracker compares 12 emerging market economies using seven high-frequency indicators: real GDP growth, manufacturing PMI, export growth, retail inflation, import cover, exchange rate movements, and stock market performance.
