India Becomes 6th Largest Market in MSCI ACWI, Tops Emerging Market List

Current Context: In 2024, India has made significant strides in the MSCI All Country World Investable Market Index (ACWI IMI).

India’s Position: India has become the 6th largest market in the MSCI ACWI IMI, surpassing China and just marginally behind France. As of August 31, 2024, India’s weight in the index stood at 2.35%, which is 11 basis points higher than China’s 2.24%.
Top Emerging Market: For the first time, India has surpassed China to become the top Emerging Market in the MSCI Emerging Markets Investable Market Index (EM IMI), with a weight of 22.7% compared to China’s 21.58%.
Global Rankings: The United States leads the MSCI ACWI IMI with a weight of 68.23%, followed by Japan (5.73%) and the United Kingdom (3.51%). India is closely behind France, which weights 2.38%.
Economic Growth: India’s growth in the index is attributed to its robust macroeconomic fundamentals and the impressive performance of Indian corporations. The country’s nominal GDP growth rate is currently three times that of China, leading to significant differences in operating and earnings growth between companies in the two countries.

Question:

1 As of August 31, 2024, what is India’s position in the MSCI All Country World Investable Market Index (ACWI IMI)?