Components Accessories Spares Hardware Jun 01, 2014 Growth comeback a far cry? The HSBC India Purchasing Managers' Index (PMI) for April 2014 was at 51.3, unchanged from the previous month. The PMI is based on data from monthly survey of purchasing executives in over 500 manufacturing companies. What the PMI fails to reflect is the growth in new orders in the month of April. This may not point at a pick up in demand, or the return of growth.