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The HSBC Services Purchasing Managers' Index fell from February's 53.9 to 53.0 in March.
India imports about 80 per cent of its daily crude oil requirements.
The trade report was presented in Parliament House in Canberra on Wednesday.
Li met IMF Managing Director Christine Lagarde in Beijing on Monday.
HSBC warns against a slackening in the reform process and the inability of the government to “crowd in” the private sector.
In 2015, China has set the lowest economic growth target in more than 15 years.
The IMF has said India should keep its monetary policy tight as underlying inflationary pressures and upside risks remain.
Including the yuan in the SDR basket would aid China’s attempts to diminish the dollar’s dominance in global trade and finance.
India’s central bank last week cut borrowing costs for a second time this year.
