The HSBC India Services PMI was revised higher to 58.8 in April 2026 from the preliminary estimate of 57.9 and after March’s 13-month low of 57.5. The latest reading marked the strongest growth since last November, supported by a faster rise in new orders and output. However, foreign demand growth eased to the weakest uptick in five months, due to the Middle East war and subdued inbound tourism. Employment increased, enabling firms to reduce backlogs of work for the first time in four months. On prices, both input and output inflation eased, although input price inflation remained among the highest in around a year and a half. Meanwhile, output prices rose moderately, marking the weakest increase in three months. Looking ahead, business sentiment weakened amid concerns over the Middle East conflict and cost pressures.