India climbed to the top of the emerging markets tracker for the first time since the pandemic in March, according to the most recent results. India’s rankings in the league table, which tracks 10 major emerging markets across seven main parameters every month, have risen due to strong manufacturing momentum, healthy export growth, and buoyant stock markets.
However, India will find it difficult to maintain its top position in the coming months. For one thing, the rankings up to March only include GDP figures from the December quarter since most emerging markets have yet to release their March figures.
When they do, and the rankings are modified, China does have a chance to regain the top place. China is the only country in the list of emerging markets that have released March quarter estimates, recording a whopping 18% year-on-year growth. Other markets may struggle to match that figure, even on a low base.