The HSBC Emerging Markets Index (EMI), a monthly indicator derived from PMI surveys, signals overall growth of output across global emerging markets.
The EMI fell to 51.6 in December from 52.1 in November, signalling a weaker rate of expansion.
An index value of less than 50 indicates contraction.
For India, the figure for December was 48.1, down from 48.5 in November.
Commenting on the findings, HSBC Chief Global Economist Stephen King said: "Emerging economies are no longer expanding at the rapid rates recorded before the onset of the global financial crisis."
King further said despite the relative weakness, there is no indication of any imminent descent into recession: "Consistently over 50, the index remains well above the traumatic levels recorded in 2008 and the first half of 2009", he said.
"In the longer term, however, prospects for the emerging world remain encouraging," he added.
The HSBC composite manufacturing and services PMI for Russia was slightly up at 52.5 in December from 52.2 in November.
The composite PMI numbers for December for China and Brazil though witnessed a slight decline over November, but remained above the crucial 50 mark.
The composite PMI for China declined from 52.3 in November to 51.2 in December and Brazil also witnessed similar trend and dropped slightly from 51.8 in November to 51.7 in December.
Meanwhile, the HSBC Emerging Markets Future Output Index that tracks firms' expectations for activity in 12 months time, fell to a six-month low in December, reflecting weaker sentiment in both manufacturing and services.
Among the largest emerging markets, Brazil continued to post the strongest sentiment regarding anticipated output growth in 2014 and Russian firms remained less optimistic, on average, than their counterparts in China and India, HSBC said.