However, as is evident now, we were caught unawares. Mutated strain of the virus took India in its stride as we were yet to work out a robust vaccination strategy. To curb the spread and manage the health emergency getting out of control in view of paucity of beds, oxygen and ventilators, a large number of states-imposed lockdowns and other restrictions which continue till date. 

As is normal under such circumstances, the economy bears the brunt and that is what seems to have happened. The fragile economic recovery seen in the second half of FY21 seems to have gone derailed. Consumer confidence has hit a new low as shown in a recent survey. Different rating agencies and multilateral organizations have downwardly revised the growth projections for the current fiscal year. From a bullish 11-13% growth (in view of base effect), the projections are now for growths in single digits only.

Needless to say, the pitch for economic revival is queered.  But, curiously, as Covid infections come off from the peak levels and the recovery rates go up, a new kind of confidence is building up. The infection rates are coming down with as much alacrity as they had peaked.

Certainly, there is no room for any complacency as premonitions of a third wave have already been made. However, the vaccination strategy to inoculate a large number of Indians by the end of the year holds much hope. It has been observed that those countries that have already inoculated over 50% of their population have witnessed much less morbidity and mortality rates.

What also holds out hope are a range of high frequency indicators which show the resilience of the Indian economy and the entrepreneurship that shines through whenever an opportunity is provided. The economic growth in the fourth quarter of last fiscal has been better than expected. From a contraction of 24.4% and 7.4% in the first and second quarters, the economy turned around in the third one with 0.5% growth and ended the year with 1.6% growth in Q4.

There are a range of other indicators too. Industrial performance measured by IIP grew by 22.3 percent in March. Merchandise exports grew by 197 percent in April. The output of eight core infrastructure sectors grew by robust 7% in March. Manufacturing PMI has remained at a high of over 55 in March and April. GST revenue collection set a new record of Rs. 1.4 lakh crore in April.

If the tyre  production data for FY21, as released recently, is anything to go by, Tyre Industry will continue to put the wheels of economy in motion against all odds. No doubt, Tyre Industry's overall numbers are down in FY21. However when looked closely, there is ample evidence that points to the resilience  in the sector. Truck & Bus (T&B) tyre production, the bellwether of economy has turned in better performance in FY21 over FY20. And this despite the fact that April’20 was a washout in view of nationwide lockdown. Both T&B and Passenger Car tyre production touched significantly higher figures in March this year with T&B tyre production crossing 20 lakh numbers, a historic high.

FY21 will also go down as a landmark year when Radial Truck & Bus tyre production equalled that of Bias tyre production. Tyre exports from India have charted an upward trajectory in the second half of previous fiscal as the stability was achieved in the exports markets.

Forecast of a normal monsoon (third in a row) and the upcoming festive season can provide much-needed impetus to the economy if vaccination drive accelerates and Covid appropriate measures are followed strictly.

No doubt, the situation is still in a flux, and it is too nascent to gauge the true impact of the second wave on economic growth.  But ramping up the vaccination drive and inoculating the entire adult population as early as possible will help.

And there is a major shift again in the vaccination policy. As this column gets on the editor’s desk, the federal government has decided to provide free coronavirus vaccines to states for inoculation of all above the age of 18.

FY 21 could not live up to the expectations that most Indians had. Hope the next year will. (TT)

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Bridgestone India has launched Project PRAVAAH, a new environmental initiative aimed at addressing severe water scarcity and ecological decline in the Dhar district of Madhya Pradesh. The programme, executed in partnership with the Society for Agriculture and Environmental Sustainability, targets the restoration of three traditional water bodies situated within a catchment zone of approximately 140 acres.

The region has historically suffered from critical groundwater depletion, with extraction rates reaching or exceeding the annual recharge capacity. This unsustainable usage has caused water tables to plummet to depths of 10 to 20 metres below ground level, particularly during the dry pre-monsoon period, severely impacting both domestic drinking water supplies and agricultural irrigation.

Moving beyond simple water conservation, Project PRAVAAH employs nature-based solutions and active community engagement to revive local ecosystems. The effort creates new livelihood opportunities for marginalised women and complements Bridgestone’s broader environmental portfolio, which already includes 9.5 acres of biodiversity parks and community gardens designed to promote conservation awareness.

The restoration project is projected to recharge up to 150,000 metric tonnes of groundwater, ensuring more reliable water access for nearby households, livestock and farms. By revitalising ponds as living ecosystems, the initiative aims to foster biodiversity, bolster community resilience against climate variability and reaffirm the company’s dedication to long-term societal and environmental well-being.

Sudhir Kulkarni, Executive Director – HR, Admin & CSR, said, “Care for the environment and the communities that it serves are core to Bridgestone’s philosophy. Project PRAVAAH aims at tackling the acute water shortage faced by communities in Dhar. With Project PRAVAAH, we are turning these ponds back into living ecosystems that will benefit these communities.”

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Pyrum Innovations AG has officially entered into a binding plant purchase agreement with its Czech-based joint venture, SUAS reTire s.r.o., marking a watershed moment for the German technology firm. The agreement, covering a thermolysis system for the planned Sokolov recycling hub, constitutes Pyrum’s inaugural external equipment sale, a transaction that significantly propels its commercial footprint beyond domestic operations.

Financial groundwork for the Czech project has been firmly secured, as the joint venture concurrently closed loan arrangements with a local banking institution. This development rendered the venture fully capitalised, prompting SUAS reTire to place an irrevocable order for Pyrum’s core technology, which encompasses three reactor units and auxiliary process systems. As the primary technology partner, Pyrum will assume responsibility for harmonising all ancillary site equipment with the master control architecture.

The corporate structure underpinning the initiative sees Pyrum owning 49 percent of SUAS reTire, while the remaining 51 percent is held by SUAS Ecology s.r.o., a partnership forged in the preceding year. The JV is exclusively mandated to oversee the design, construction and subsequent operation of the advanced tyre recycling facility in the western Czech city.

Ground preparation at the industrial zone has already commenced, and the impending down payments will unlock procurement of long-lead components to uphold the project timeline. Once operational, the three-reactor train is designed to process upwards of 22,000 tonnes of scrap tyres per annum. The location’s inherent logistical edge derives from the adjacent SUAS power plant, which will permit direct conversion of pyrolytic off-gas into electricity, circumventing heavy auxiliary capital outlays. The plant is slated to begin production by the spring of 2028.

Pascal Klein, CEO, Pyrum Innovations AG, said, “By signing our first external plant purchase agreement, we have reached a significant milestone in Pyrum’s development. This achievement is the result of a long and intensive journey during which, together with our partners, we established key technical, financial and organisational foundations. We are therefore all the more pleased to have now signed our first plant purchase agreement for an external facility, which we will build together with our partner SUAS. The secured financing underlines our partners’ confidence in our technology and provides an excellent foundation for the successful implementation of the project in the Czech Republic.”

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Kraton Corporation, a global producer of speciality polymers and bio-based chemicals derived from pine wood pulping byproducts, has secured its sixth consecutive EcoVadis Platinum rating for sustainability management. The firm achieved a record score of 90 out of 100, surpassing its own previous high of 88 from 2024 and improving markedly from the 86 posted in 2025.

This latest recognition carries added weight given that EcoVadis benchmarks performance relative to sector peers. The organisation evaluates over 150,000 companies globally, offering sustainability intelligence and improvement frameworks designed to foster responsible operations and ethical supply chains. Kraton’s sustained top-tier placement underscores its ongoing commitment to environmental and social governance standards within the speciality chemicals industry.

Rogier Roelen, Chief Sustainability Officer and General Counsel, Kraton, said, “While Platinum recognition has become familiar to many of our stakeholders, it should never be taken for granted. EcoVadis continuously raises expectations, and our peers continue to strengthen their sustainability programmes. Maintaining Platinum status for six consecutive years reflects the dedication of employees across our global organisation and the rigorous processes we have established to continuously advance our sustainability management practices.”

Sangwoo Ryu, Chief Executive Officer, Kraton, said, “EcoVadis serves as an important benchmark that helps us keep our sustainability management practices current, effective and aligned with evolving stakeholder expectations. This recognition reflects our commitment to building a more sustainable business and delivering long-term value for our customers, employees, investors and communities.”

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Hankook Tire emerged as a standout performer at the Red Dot Award 2026, securing six accolades in the Design Concept category. The South Korean manufacturer captured two Best of the Best honours alongside four Winner titles, underscoring its prowess in forward-thinking mobility design. This competition, recognised among the three premier design awards globally, evaluates concepts based on innovative potential at the prototype stage.

Among the top honours, the i-Flex Gen 2 received a Best of the Best award for its evolution as a next-generation airless tyre tailored for electric and autonomous vehicles. Building upon research initiated in 2015, this concept introduces a groundbreaking circumferential spoke structure that elevates visual design while reducing noise and enhancing stability. The second Best of the Best winner, Medi Buddy, emerged from collaboration with the Korea Institute of Design Promotion, integrating autonomous driving and AI into a smart intravenous system to alleviate anxiety for young patients.

The four Winner awards recognised the Bladder Upcycling Series, Concept S targeting 100 percent sustainable materials by 2050, the omnidirectional WheelBot2 and Bloom, an intelligent urban canopy. The full collection is slated for display at a special exhibition in Singapore. Hankook Tire, which in 2015 became the first Korean company to receive the Red Dot Luminary honour, later secured the iF Gold Award and an IDEA Bronze, completing a sweep of the top three design accolades.

Through continuous innovation and focus on sustainable mobility, the company continues solidifying its reputation as an industry leader committed to redefining transportation's future. The achievement reaffirms the company's global competitiveness, driven by commitment to sustainability and future-ready technologies.

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