India’s private sector activity accelerated in April 2026, with the HSBC Flash India Composite PMI Output Index rising to 58.3 from 57.0 in March 2026. The manufacturing sector led the expansion, while services continued to grow at a slower pace.
Purchasing Managers’ Index
The Purchasing Managers’ Index (PMI) is a monthly survey-based indicator of business conditions in manufacturing and services. A reading above 50 denotes expansion, while a reading below 50 denotes contraction. The Flash PMI is an early estimate released before the final monthly PMI data.
Manufacturing and Services Data
- The Flash Manufacturing PMI increased to 55.9 in April 2026 from 53.9 in March 2026.
- The Services PMI Business Activity Index rose to 57.9 in April 2026 from 57.5 in March 2026.
- Manufacturing recorded stronger demand and capacity expansion during the month.
- Services activity remained in expansion territory in April 2026.
Orders, Jobs and Exports
- New orders in the private sector increased at a faster pace in April 2026.
- Employment growth reached a ten-month high in April 2026.
- Hiring increased in both manufacturing and services sectors.
- Manufacturing firms recorded the fastest growth in export orders in nine months in April 2026.
Costs and Inventories
- Input cost inflation remained elevated in April 2026.
- Firms reported higher expenses for fuel, gas, oil, chemicals, metals, rubber and food products.
- Companies built buffer stocks in April 2026 to manage supply-side shocks and geopolitical tensions.
Related Economic Terms
The Composite PMI combines manufacturing and services survey responses into a single output index. Export orders measure foreign demand for goods and services, and employment growth in PMI surveys reflects hiring trends across surveyed firms.
Last Modified: April 23, 2026