India just topped the charts for emerging markets—here's why that matters
India grabbed the top spot in Mint's Emerging Market Tracker for November 2025, outpacing Malaysia and Brazil.
The big driver? A sharp export comeback—merchandise exports jumped nearly 20% year-on-year to $38.1 billion, bouncing back from a slump in October.
What's fueling the surge?
Engineering goods led the way, with exports hitting $11 billion (up from $9.4 billion last month).
Electronics also saw strong double-digit growth.
Exports to the US shot up by over 22%, and there were solid gains with China, Spain, and the UAE too.
How does India stack up overall?
With an 8.2% GDP growth rate last quarter and a healthy manufacturing sector (PMI at 56.6), India is pulling ahead of its peers—even with a slight dip in the rupee and a small rise in inflation.
What could trip things up?
To keep this momentum going, India needs to keep exports high through December—about $45 billion worth—to avoid slipping backward next year.
But continued foreign investment outflows could make things tricky for the economy moving forward.