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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The Yokohama Rubber Co., Ltd. is set to appear at the Aircraft Interiors Expo 2026 in Hamburg, Germany, collaborating with its American sales arm, Yokohama Aerospace America, Inc. This premier trade fair, running from 14 April over three days at Hamburg Messe, will host over 450 exhibitors from around the globe, all showcasing cutting edge cabin products, materials and technological innovations.

Visitors to the Yokohama booth will encounter a full range of aircraft lavatory solutions, including a prototype unit designed for wheelchair access and retrofit kits intended for existing restrooms. Those kits bring touchless operation to flush switches and faucets, thereby boosting accessibility. By targeting plane makers, airlines and maintenance firms, the company hopes to strengthen sales of its interior offerings.

Yokohama Rubber ranks among Japan's foremost aerospace suppliers. Since the 1980s, it has produced and sold numerous commercial jet components like lightweight composite lavatory modules, potable water tanks, onboard stairways, thermal insulation and honeycomb panels. Having delivered roughly 17,000 lavatory modules for Boeing 737 and 757 aircraft, the firm continues to supply replacement parts for those units and also crafts custom-made components for airline retrofit projects.

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Petlas Tire Corporation has introduced the PtxMD51, an L-5 type tyre specifically engineered for underground mining loaders and trucks operating under severe service conditions. This new addition expands the company’s off-the-road product range to address the most demanding mining environments.

Built with an extra deep tread and an all-steel radial construction, this tyre excels where wear, impact and cut risks are consistently high. Its specially developed tread compound offers strong resistance to cuts and chips, while the reinforced structure, combining steel belts with a radial steel carcass, delivers high impact resistance under heavy loads and harsh operating conditions. A solid centre structure further boosts durability and resistance.

To maintain stability and traction, shoulder grooves are incorporated into the design, ensuring reliable performance in underground operations. With the PtxMD51, Petlas continues to strengthen its portfolio for high-risk, heavy-duty applications where durability, safety and cost efficiency remain essential priorities.

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Lazada, a major e-commerce player in Southeast Asia, has entered a strategic collaboration with Michelin to transform how drivers buy tyres online. By merging digital commerce capabilities with Michelin’s mobility expertise, the partnership seeks to improve operational efficiency, build consumer confidence and simplify the entire purchasing process across the region.

A pilot programme will launch in Thailand during the first quarter of 2026, featuring a dedicated Michelin flagship store on LazMall. From there, the initiative will extend to other Southeast Asian markets. The companies plan to co‑invest in a framework that streamlines tyre buying on LazMall by incorporating Michelin’s authorised distributors into Lazada’s ecosystem. This integration supports better inventory control, guarantees product authenticity and widens customer reach. Educational campaigns promoting road safety and proper tyre maintenance are also part of the plan.

As part of the agreement, Michelin will onboard its authorised local partners and distributors onto Lazada’s platform, giving them access to Lazada’s regional customer base. Lazada will further support Michelin’s loyalty efforts through its membership programme, bridging offline and online interactions. This aligns with Michelin’s broader offline‑to‑online strategy while reinforcing product authenticity and service quality for drivers throughout the region.

Varitha Kiatpinyochai, CEO, Lazada Thailand, said, “This partnership with Michelin reflects Lazada’s commitment to building a high-trust premium eCommerce platform that goes beyond transactions. By combining Michelin’s global leadership in mobility and safety with Lazada’s technology, logistics and regional know-how, we are creating a more integrated journey that gives consumers greater confidence, convenience and peace-of-mind.”

Paul Perriniaux, Vice President for Sales, B2C, Michelin Asia Pacific, said, “This partnership lets us deliver that promise digitally: clear guidance, authentic products and seamless after sales support, all anchored in Michelin’s vision for safer, long-lasting and more sustainable mobility. By working with Lazada, we will shape a meaningful, end to end journey that puts consumers first – before, during, and long after their purchase.”

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HS HYOSUNG ADVANCED MATERIALS was honoured at the sixth Endangered Species Day ceremony, which took place on 1 April 2026 at the Chollipo Arboretum in Taean. The company received a certificate recognising its sponsorship of endangered species conservation. This annual event, organised by the National Institute of Ecology, has been running since 2021 with the goal of increasing public awareness about the protection of threatened species. The institute also runs a special recognition programme that celebrates corporate contributions to conservation efforts.

Since signing an agreement with the National Institute of Ecology in 2022, HS HYOSUNG ADVANCED MATERIALS has been acknowledged for its ongoing commitment to preserving biodiversity. The firm planted 2,000 specimens of Veronica pusanensis, a Class II endangered wild plant and has been listed as an official conservation sponsor since 2023. The company has also focused on safeguarding essential pollinators like bees. In 2023, it created a pollinator garden at the Mulbeodeul Ecological Experience Learning Center in Seocheon, followed by another in 2024 at the Ulsan Climate Crisis Response Education Center, where nectar rich plants such as canola and buckwheat help sustain bee populations and reproduction.

Additionally, the company tackles threats to biodiversity through regular removal of invasive species. Since 2023, it has annually cleared harmful plants including Sicyos angulatus and Humulus japonicus from Yubu Island in Seocheon, a UNESCO World Natural Heritage site. These persistent efforts demonstrate a holistic approach to protecting both flora and fauna, from endangered wild plants to critical pollinators, while also managing ecological threats to preserve natural heritage areas.

An ESG official from HS HYOSUNG ADVANCED MATERIALS said, “We are honoured to receive this recognition for our efforts in endangered species conservation. We will continue to work closely with the National Institute of Ecology to further expand and strengthen our conservation initiatives.”

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