HSBC ’s flash PMI shows India’s manufacturing output rebounding to 58.3 in April, up from 57.0 in March, indicating a recovery from the shock of the Iran war that had dampened activity. The rebound follows a contraction in March as Middle East supply disruptions pushed up fuel, gas and raw‑material prices, tightening input costs for manufacturers. The composite PMI rose to 58.3, signalling expansion, while the index had been 57.0 in March. Firms reported that gas shortages had pushed up prices, and the government’s LPG supply cut for households had eased only recently. Analysts estimate that supply‑chain recovery could take three to four years. The PMI report noted that gas shortages were pushing up prices. "Private sector activity accelerated after easing in March amid disruptions linked to the Middle East conflict," said Pranjul Bhandari, Chief India Economist at HSBC. "The survey indicated that firms are building buffer stocks to manage the uncertainties around the longevity of the supply‑side shock," he added. "However, input costs remain high and companies have already started to pass part of these costs on to consumers," Bhandari noted. With the PMI now above 50 and manufacturing output expanding, India’s private sector is poised to sustain growth, though firms will likely continue to adjust prices as input costs remain elevated. The easing of LPG shortages and potential expansion of city pipeline networks may help stabilize supply, but full recovery of disrupted supply chains could take several years.