April PMI data shows strong manufacturing and services activity in India despite global uncertainty and rising input costs.
India’s April PMI readings highlight resilient economic activity, with manufacturing at 54.7 and services at 58.8, revised from initial prints. The data reflects solid external demand for goods and robust domestic demand for services, though firms reported the highest input cost inflation since the pandemic due to supply chain disruptions and higher raw material prices.
Manufacturing growth slowed slightly due to weaker new orders and output, attributed to stronger competition and client risk aversion. Services, however, saw the strongest reading since November 2025, driven by sustained domestic demand despite softer external demand.
Despite the positive PMI data, the Indian Rupee remains the weakest performer among Asian currencies year-to-date, even after a modest weekly gain as oil prices eased on geopolitical optimism.