West Asia crisis pushes down April manufacturing PMI to second-lowest in 4 years

Manufacturing activity in April 2026 slowed to its second-lowest level in nearly four years, according to a private sector survey of companies, with improvements seen compared to March, but new order levels still remaining historically low.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 54.7 in April 2026 from 53.9 in March. However, this level was still the second-lowest in 46 months. A reading above 50 denotes expansion in activity while one below 50 indicates a contraction.