India escapes the worst of emerging markets misery

New Delhi

THREE years ago, India was the weakling of the emerging markets clan, politically stagnant and struggling to grow - but as gloom engulfs other developing economies, the subcontinent is enjoying a moment in the sun.

Brazil and Russia lie deep in recession and South Africa is teetering on the brink after demand for raw materials collapsed, while alarm bells have sounded over fears the China juggernaut may be faltering.

Enter India, once dubbed the Broken BRIC, is now poised to become the fastest-growing G-20 economy, expanding at a respectable 7 per cent, with its finances nourished by cheap oil.

"If you look at the growth numbers, India is definitely doing better than these other economies," Kunal Kundu, an economist at Societe Generale in Bangalore, told AFP. "China is in slowdown mode and Brazil and Russia are in tr…