Though there has been policy progress in Europe, the global economic backdrop remains decidedly challenging, Eskesen said, adding domestic conditions have remained fairly stable, though, and underlying inflation has stayed firm.
The HSBC India Composite Output Index, which maps both services and manufacturing, increased from 48.9 in March to 49.5 in April, but remained below the crucial 50 mark which indicates contraction for the second successive month.
Private sector output in India expanded for the first time in 8 months in February as slump in the services sector moderated and manufacturing grew at a stronger pace, an HSBC survey said.
The recovery in manufacturing is still likely to prove "protracted" given the lingering structural constraints.
New business orders fall at faster pace, with index at 47.6 in March from 49.5 in February.
India's manufacturing sector activity contracted for the third straight month in October amid falling levels of production and new orders, as the business climate within the country remained tough, an HSBC survey said on Friday.
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