The economic damage is becoming increasingly apparent in the India context and it could be more visible as the lockdown is gradually and systematically lifted.

India has slid sharply in the emerging market league tables in March and now lies at the bottom of the heap in April.

A sharp contraction in manufacturing and exports pulled India down in April. Only Turkey and Mexico fared worse.

The league table is based on a combination of real activity indicators like PMI & real GDP growth as well as financial metrics like exchange rate movements and changes in stock market capitalization.

The final rankings are based on a composite score that gives equal weight to each indicator. As per April data, India is the worst performer on the real economy metrics due to poor performance in terms of PMI, GDP and exports.

The real growth impact is likely to be evident only in the June quarter.