With China and India, both emerging economies, posting favorable manufacturing statistics in the last month of 2011, it surely goes to prove the Asian region is very much resilient to the fiscal rollercoaster ride in the European region. Suffice to say, that in the event Europe goes down, Asia could possibly remain firm.

India's Purchasing Managers' Index (PMI) for December jumped to 54.2, up from November's reading of 51.0. It was also India's fastest pace in six months, according to HSBC Holdings Plc and Markit Economics.

China likewise gave last-minute December good news when its PMI rose to 50.3 from 49 in November.

A number above 50 indicates expansion; below 50 connotes contraction.

China's non-manufacturing PMI likewise soared to 56 in December from 49.7 in November.

Although exports of Asian goods, especially those from China and India, will remain moderated in the coming months owing to the eurozone's debt woes, the region will hold up its own against the global fiscal crisis that is crippling most overseas markets today.

"Europe's debt woes, the austerity measures the European countries are taking and the sluggish U.S. recovery mean demand for Asian goods this year is likely to be weak, posing a downside risk," Yao Wei, a Hong Kong-based economist said in Bloomberg News.

"The figures show we're absolutely not seeing a hard landing," economist Andreas Rees said in Bloomberg News. "There's no massive uncertainty shock around the globe that's weighing heavily on investment activity."

Boosted by the favorable data, Asian stocks grew on Tuesday, with the MSCI Asia Pacific Excluding Japan Index hiking 1.3 per cent as of 9:33 a.m. in Hong Kong, data compiled by Bloomberg showed.

India's domestic demand helped propel its PMI to regain balance. But higher borrowing costs and global economic weakness might restrain growth.