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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Hankook Tire has secured the International Sustainability & Carbon Certification (ISCC) PLUS for its Jiaxing Plant in Zhejiang Province, China. This globally recognised voluntary certification verifies the sustainability of bio-based and recycled materials while ensuring full supply chain transparency. The certification imposes strict verification standards across every stage, from raw material sourcing and manufacturing to the final product output.

The Jiaxing facility’s achievement marks the company’s fourth ISCC PLUS certification. Hankook first earned the distinction for its Geumsan Plant in 2021, becoming the first in the tyre industry to do so. The Rácalmás Plant in Hungary followed in 2023, and the Daejeon Plant received certification in 2025. With this latest addition in China, Hankook has significantly expanded its sustainable manufacturing network across both Asia and Europe.

The Jiaxing Plant has enhanced its production capabilities by increasing the use of sustainable materials and optimising processes. It has established a stable system for products incorporating bio-based and recycled inputs, operating a quality management system based on the mass balance approach. Under its circular economy strategy named E.Circle, Hankook continues to raise the share of sustainable materials. For example, the iON evo tyre, supplied as original equipment for the Porsche Taycan, contains around 45 percent sustainable materials, while the iON GT for the European replacement market has raised that share to up to approximately 77 percent.

Hankook is also applying sustainable materials to tyres used in the FIA World Rally Championship and the ABB FIA Formula E World Championship, reinforcing its technology leadership in global motorsports. Through open innovation with global partners, the company is advancing low-carbon raw materials. Its sustainability efforts have earned it inclusion in the Dow Jones Sustainability Indices World and the highest EcoVadis rating. Looking ahead, Hankook plans to transform the Jiaxing Plant into a key sustainable manufacturing hub in China while continuously upgrading production systems across its global facilities to strengthen supply chain sustainability and ESG competitiveness.

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Giti Tire has marked 26 consecutive years of global motorsport involvement, using high‑pressure racing environments as a live testing ground for engineering innovation and tyre durability. The company’s long‑term commitment spans professional circuits and extreme off‑road terrain, driven by the principle that true performance depends on control, confidence and stability rather than power alone.

Strength combined with intelligence defines the Giti brand, symbolised by the elephant. On the racetrack, this philosophy translates into continuous refinement of tyre performance through every corner and every surface challenge, turning competition into a real‑world technology laboratory.

Over the past 26 years, Giti has competed in a wide range of international disciplines. Since 2009, the company has been a regular participant in the Giti 4x4 Extreme Series, where gruelling off‑road conditions push endurance and durability to their limits. These experiences have directly advanced all‑terrain and SUV tyre technologies.

For the past decade, Giti has also taken part in the legendary Nürburgring endurance races in Germany, one of the world’s most punishing circuits. Insights gained there have improved high‑speed stability, heat management, grip and wet‑weather handling. Giti’s presence extends across Asia and Europe through partnerships with professional racing teams and technical specialists.

Motorsport serves Giti as a catalyst for safer and smarter consumer tyres. Every challenge from desert heat to ice, gravel and rugged terrain accelerates research into durability and high‑speed performance. Technologies proven in racing are later adapted for everyday drivers, reinforcing the company’s focus on sustainability and continuous improvement.

Looking ahead, Giti remains committed to investing in engineering and global racing partnerships as automotive electrification and mobility needs evolve. To commemorate the 26‑year milestone, the company has released a special video highlighting key moments and technological achievements, underscoring that its motorsport journey is not simply about winning races but about pushing boundaries with resilience and precision. Click here  to watch the video.

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Kumho Tire USA has formalised a new long-term partnership with the Georgia Department of Veterans Service and the Georgia Veterans Service Foundation through the signing of a Memorandum of Understanding. The agreement aims to serve approximately 680,000 veterans and their families across the state, uniting private industry, state government and a nonprofit organisation under a shared commitment to supporting those who have served in the military.

Under the newly established collaboration, Kumho Tire USA and the Georgia Veterans Service Foundation will work together to identify and deliver programmes designed to create meaningful impact for Georgia’s veteran community. While specific initiatives have yet to be announced, they will be revealed as the partnership continues to develop. The alliance reflects a sustained, active approach to veteran support rather than one-time gestures.

The partnership first drew public attention earlier this year during Kumho Tire Night at State Farm Arena, where Georgia Veterans Service Foundation representatives were honoured as Co-Captains before an Atlanta Hawks game against the Boston Celtics. That moment, occurring ahead of the NBA matchup, symbolised the mutual respect and recognition now codified in the formal agreement.

Edmund Cho, CEO, Kumho Tire USA, Inc, said, "At Kumho Tire USA, we believe that doing business in America means giving back to America. We are honoured to stand alongside the GVSF in this commitment, and we look forward to building something lasting together for Georgia's veterans."

Dr Patricia Ross, Ed.D. (Col, USAF Ret.), Commissioner, Georgia Department of Veterans Service, said, "Georgia's veterans have earned our unwavering support, and partnerships like this one are exactly how we deliver on that promise. We are proud to welcome Kumho Tire USA as a committed partner alongside GVSF, and we look forward to the meaningful work ahead for the veterans and families we serve across this state."

Joe Higgins, Board Chair, Georgia Veterans Service Foundation, said, "The Georgia Veterans Service Foundation exists to connect Georgia's veteran community with the resources and support they deserve, and that work is always stronger when the private sector steps forward as a true partner. We are grateful for Kumho Tire USA's commitment and excited about what this three-way collaboration will make possible."

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Sun Auto Tire & Service has expanded its Midwest footprint by acquiring the Main Street Tire & Auto location in Virden, Illinois. The transaction took effect immediately, and the newly acquired store will become part of the Sun Auto Network before rebranding under the Plaza Tire Service name.

Plaza Tire Service, a Midwest institution known as the ‘Quick Change Artist’ for more than six decades, will see its Illinois presence strengthened through this addition. The move broadens regional service coverage by integrating a trusted community shop with the extensive resources of a national network. Customers at the Virden location will continue to benefit from familiar local relationships while gaining access to enhanced operational support, advanced technology and customer-focused tools.

The Virden site offers a full range of automotive care, including major tyre brands backed by Sun Auto’s price match guarantee, alignments, brake service, oil changes, batteries, diagnostics and preventative maintenance. This acquisition marks the 16th Plaza Tire Service location in Illinois and supports Sun Auto’s ongoing expansion across key Midwest markets.

Rob Kingery, Regional Vice President, Operations, said "Virden represents an important opportunity to continue growing the Plaza Tire Service brand in Illinois. This location allows us to expand our reach while reinforcing the operational strength and consistency our network is known for."

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