FX.co ★ India Private Sector Growth Strengthens

The HSBC India Composite PMI climbed to 58.3 in April 2026 from a final reading of 57.0 in the previous month, which had marked the lowest level since late 2022 amid disruptions related to the Middle East conflict. The flash estimates pointed to a robust pace of private-sector expansion, remaining well above the long-run average.

Growth was powered by a quicker rise in manufacturing output, while services activity continued to expand solidly. New orders increased at a historically strong pace. Employment rose at the fastest rate in ten months, with hiring gaining momentum across both manufacturing and services firms. However, growth in new export business moderated.

On the price front, input cost inflation was the second-highest in nearly three years, driven by increased fuel, gas, oil, and raw material costs. Output price inflation stayed elevated but remained well below the rate of input cost increases. Finally, business confidence slipped from March’s level but was still the second-strongest in almost one and a half years.