Recovery in manufacturing brings India to top three emerging economies
According to the latest update of Mint’s emerging market tracker, India has been placed at the third position among key emerging markets in September. India has climbed two places up owing to the steady recovery in the manufacturing sector. Two countries, which rank better than India are China & Brazil.
The manufacturing growth reflected in the first year-on-year rise in exports in seven months, and the highest reading of the purchasing managers’ index in over eight years.In September, India’s merchandise exports rose 6% on-year to $27.6 billion. Exports had last shown a year-on-year rise in February, even before the World Health Organization declared COVID-19 a pandemic. In April, the first full lockdown month, exports fell 60%, but the contraction had been easing since.
In addition to that, with new government policies and pouring investments, further driving local manufacturing, India is going to turn into the next manufacturing powerhouse.
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