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(Bloomberg) — India’s economic activity accelerated in April despite the Middle East war choking supplies of crude oil and gas, a flash survey by HSBC Holdings Plc showed Thursday.
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The manufacturing purchasing managers’ index rose to 55.9 from 53.9 in March, while the services purchasing managers’ index rose to 57.9 from 57.5 last month. That lifted the composite index to 58.3 compared with 57.0 in March.
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The PMI indexes had slid in March after the conflict erupted as the government started rationing gas to critical industries. While those curbs largely remain in place, supplies of cooking gas have been gradually increased. HSBC said that participants in April indicated that business activity was supported by capacity expansion, better demand conditions and tech investment.
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“The survey indicated that firms are building buffer stocks to manage the uncertainties around the longevity of the supply-side shock,” said Pranjul Bhandari, chief India economist at HSBC, in a statement on Thursday. “Manufacturing led the upturn, with faster growth in output and new orders.”
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While US President Donald Trump has indefinitely extended the ceasefire with Iran, talks remain stalled and vital energy flows through the Gulf have nearly ground to a halt. Earlier this month, the Reserve Bank of India kept interest rates unchanged as it sought greater clarity on the economic shock from the conflict.
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The indexes, reflecting business confidence in the economy, are based on preliminary surveys. The data may be revised when final PMI figures are released next month. A reading above 50 indicates expansion in economic activity, while a print below that indicates contraction.
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—With assistance from Rakesh Sharma.
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