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The euro-area recovery remains uneven, still plagued by falling prices and high unemployment.
Agriculture employs more than half of India's 1.25 billion people.
The HSBC Services Purchasing Managers' Index fell from February's 53.9 to 53.0 in March.
India is trying to rescue more than 4000 Indian nationals from the war-torn country.
Critics and human rights groups have condemned Lee's iron-fisted rule of his country where political opponents were exiled.
India imports about 80 per cent of its daily crude oil requirements.
With a combined population of 2.5 billion, China and India are increasingly playing an influential role in the global economy.
China has praised Lee as "an Asian statesman of unique influence".
HSBC warns against a slackening in the reform process and the inability of the government to “crowd in” the private sector.
39 Indian nationals were kidnapped by Islamic militants from the war-torn Iraqi town of Mosul last year.
