New Delhi, April 29 -- China emerged largely unscathed at a time when the West Asia war battered nearly every major emerging market economy through higher energy prices and their ripple effects. The dragon retained its top rank on Mint's Emerging Markets Tracker (EMT) for March 2026.

India, by contrast, slipped three places to sixth as the conflict intensified rupee depreciation, foreign outflows and export weakness.

The divergence underscores a widening gap in external-sector stability. China delivered the strongest currency and stock market performance among emerging markets, lifting its overall score on seven high-frequency indicators to 71 (out of 100). India scored 61, with its export performance turning the second-worst after Russ...