April private sector activity at 8-month high
new export orders
, according to a private survey released Wednesday.
The
HSBC Flash India Composite Output Index
was 59.5 in March 2025 and 61.5 in April 2024.
The Composite Purchasing Managers Index (PMI) is a weighted average of comparable
manufacturing and services indices
.
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"New export orders accelerated sharply, likely buoyed by the 90-day pause in the implementation of tariffs," said Pranjul Bhandari, chief India economist at HSBC.
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On April 2, the US announced reciprocal tariffs across various countries, imposing a 26% rate on Indian imports. However, a 90-day pause was announced until July 9, although the new baseline tariff of 10% remained in effect.
"As a result, output and employment grew, for both, manufacturers and service providers," said Bhandari.
Export orders grew at their fastest pace since September 2014.
The start of FY26 was marked by a sharp rise in new business intakes, buoyed by international demand for goods and services.
According to the survey, private sector companies noted gains in export orders from Africa, Asia, Europe, the Middle East and the Americas. Companies cited efficiency improvements, strong demand and successful advertising campaigns as key reasons for rise in output.
Some also noted an improvement in international competitiveness due to rupee's depreciation against the US dollar, it added.
The rate of expansion was stronger for goods producers than service providers, marking the sharpest growth in over 15 years. Manufacturing PMI increased to 58.4 in April from 58.1 in March. Services PMI rose to 59.1 from 58.5 in the same period.
Sales growth in April was the fastest since August 2024, with manufacturers experiencing a steeper rise in new businesses than service providers, the survey noted.
Based on anecdotal evidence, the survey said, full and part-time staff were hired in April, with job creation evenly spread across both sectors.
"Cost inflation was in line with March levels, but prices charged rose a tad faster, leading to improved margins," said Bhandari.
Input costs rose due to higher chemical, freight, labour, leather, rubber and steel costs, according to the survey respondents. Service providers noted a quicker increase in expenses than manufacturers. Despite the upbeat data, business sentiment was at its weakest for eight months, as an improvement among manufacturers contrasted with fading optimism at service firms.
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