Flash India PMI expands to 60 in April on record-high export orders
The HSBC India Flash Purchasing Manager's Index (PMI) expanded to 60 points in April on increasing export orders, as against 59.5 in the previous month, S&P Global said in a statement.
Services flash PMI increased to 59.1 from a final number of 58.5 from March 2025. Manufacturing flash PMI output index came in at 61.9 from a final value of 61.7 in the previous month, according to the statement. Services grew at a faster pace than manufacturing.
Flash PMI is an early indicator of business sentiment in private sector, measured based on about 80% of the responses to the survey to determine the sentiments. A value above 50 means expansion.
'New export orders accelerated sharply, likely buoyed by the 90-day pause in the implementation of tariffs. As a result, output and employment grew, for both, manufacturers and service providers. Cost inflation was in line with March levels, but prices charged rose a tad faster, leading to improved margins,' Pranjul Bhandari, Chief India Economist at HSBC said in the statement.
Companies reported increased output, positive demand and successful advertising, HSBC said, adding that some of them benefitted from the depreciation of the rupee as international orders increased. Competition and inflation could be headwinds to the higher expected output, according to the statement.
HSBC forecast that India's GDP growth would be hit by 0.5 percentage points due to the tariffs. 'The indirect and second-order negative impact could also be meaningful, emanating from slower export volumes around the world, weaker global FDI flows, and the re-routing of exports hurting manufacturing,' Ms. Bhandhari said in her research note.
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