The war involving Iran has disrupted global trade routes and driven up energy prices, significantly impacting manufacturing worldwide. Input costs and shipping delays have hit multi-year highs, with global crude oil prices hovering around 110 dollars. While countries like South Korea and Germany see varying output surges due to demand and stockpiling, the United Kingdom’s manufacturing sector is shrinking. In India, the economic ripple effect has pushed manufacturing growth to a four-year low this March, with the Purchasing Managers’ Index shrinking to 53.9. Factory gas supplies have been cut by 20 percent to prioritize domestic use. To cushion the economic blow, the Indian government has initiated substantial tax cuts on critical petrochemical products, ammonium nitrate, and fuel, slashing duties on petrol and diesel by 10 rupees. Furthermore, the Reserve Bank of India has tightened forex trading rules to stabilize the rupee. The government and industry are absorbing the rising input costs to shield citizens from the financial fallout of the crisis in West Asia.
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