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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Apollo Tyres, one of the leading tyre makers in the country, has expanded its product portfolio with the introduction of the made-in-India for India and the world Apollo Aspire 5 ultra-high performance (UHP) tyre.

Available in 17-inch and above rim size with W/Y speed rating, the company looks to tap into the demand for Uthe HP tyre range, especially in the luxury car segment. The company shared that the UHP tyre has been designed with Dynamic Contour Technology for superior physical and acoustic comfort, and Tri-Flex Compound for high-speed grip and stability.

The electric vehicle-ready Apollo Aspire 5 tyre range has undergone extensively testing across Europe, India, Japan and Korea, and has been tailored to meet the demanding needs from Indian road conditions. Furthermore, the Apollo Aspire 5 will also be introduced in global markets such as Europe and Asia.

Rajesh Dahiya, Vice-President, Commercial (India, SAARC and Southeast Asia), Apollo Tyres, said, “Performance today goes beyond speed; premium car buyers now demand a quieter, more refined driving experience, especially with the rise of electric crossover and luxury SUVs. At Apollo Tyres, we have been preparing for this shift with cutting-edge R&D, global benchmarking and technologies tailored for evolving mobility. Aspire 5 is a testament of our commitment to lead this new era of performance.”

The tyre maker stated that the new range of products have been co-developed with leading OEMs, deep industry insight with real-world consumer feedback.

The Apollo Aspire 5 tyre range offers better control, superior ride comfort and impressively low noise levels. The tyre will be produced at the company’s state-of-the-art plant in Andhra Pradesh.

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 The U.S. Tire Manufacturers Association (USTMA) is convening its annual Tire Manufacturing Ambassadors programme this week, sending industry professionals to Capitol Hill to press lawmakers on policies supporting domestic manufacturing, road safety and sector innovation.

The two-day event, running from 24–25 June, brings together representatives from USTMA’s 11 member companies — including engineers, business managers and marketers — to meet with members of Congress and their staff. The discussions are expected to focus on key legislative priorities such as expanding tyre retreading in the U.S., advancing consumer safety initiatives, and passing a congressional resolution in support of National Tire Safety Week.

“The U.S. tyre manufacturing industry is a vibrant engine of innovation, enabling safe and sustainable mobility for consumers and businesses. Our industry is a cornerstone of the nation’s economy, supporting more than 800,000 jobs and keeping up with evolving consumer expectations on reliability, safety and environmental impact,” said Anne Forristall Luke, USTMA president and CEO.

The ambassadors, who live in the same communities where the industry operates, are set to highlight how national legislation impacts local jobs and infrastructure. USTMA members operate 55 manufacturing facilities across 16 states and contribute to a $170.6 billion annual economic footprint, the association said.

The event follows a letter sent by USTMA to Congressional leaders in February outlining the sector’s legislative agenda. The group is advocating for increased investment in tyre innovation, transparency measures for consumers, and job creation through infrastructure and sustainability-focused policies.

“Our Ambassadors represent the manufacturing workers who power the industry every day, and we are honoured by their advocacy for the tyre manufacturing industry and the communities it supports,” Luke added.

The initiative reflects USTMA’s broader push to align policymakers with the industry’s goals of maintaining global competitiveness while securing long-term growth for U.S. manufacturing.

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Finnish tyre manufacturer Nokian Tyres has been recognised by TIME Magazine as one of the World’s Most Sustainable Companies 2025, ranking 98th on the prestigious global list of 500 companies demonstrating outstanding environmental and social responsibility.

The second edition of the rankings, compiled by TIME Magazine in collaboration with data firm Statista, evaluated companies based on verified sustainability commitments, including UN Global Compact membership and greenhouse gas emission reduction targets validated by the Science-Based Targets initiative.

Assessment criteria also included performance ratings from respected organisations such as CDP and MSCI, alongside evaluations of sustainable business practices, transparency, and environmental and social stewardship.

Nokian Tyres has positioned itself as a sustainability pioneer within the tyre industry, driving sustainable development both within its operations and throughout its value chain. The company’s environmental leadership dates back three decades, with its Finnish factory becoming the world’s first tyre manufacturing facility to achieve environmental certification in 1995.

“We create tyres that are safe, innovative and sustainable. Nokian Tyres has been a pioneer in sustainability in the tyre industry for over three decades. As early as 1995, our factory in Finland was the first tyre factory in the world to gain an environmental certification. We are proud of our track record and want our sustainability actions to have a meaningful impact. The most recent example of this is our new factory in Romania, the first full-scale zero CO2 emission tyre factory in the world,” said Paolo Pompei, president and chief executive of Nokian Tyres.

The company’s latest sustainability milestone is its new Romanian manufacturing facility, which represents the world’s first full-scale zero CO2 emission tyre factory, demonstrating Nokian Tyres’ continued commitment to environmental innovation in industrial manufacturing.

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Chinese state-owned enterprise Sinochem has achieved a significant milestone, with its brand value surpassing 500 billion yuan for the first time, according to rankings released at the 22nd World Brand Conference in Beijing.

The World Brand Lab announced that Sinochem ranked seventh on its annual “China’s 500 Most Valuable Brands” list for 2025, with the company’s brand value climbing from 475.906 billion yuan in 2024 to over 500 billion yuan this year.

This marks the 22nd consecutive year that the Sinochem brand has secured a position on the prestigious ranking. The company’s property development arm, Jinmao, also featured prominently, placing 170th with a brand value of 74.186 billion yuan.

The World Brand Lab’s methodology evaluates brand worth through three key metrics: financial performance, brand strength, and consumer behaviour analysis, employing a “present value of earnings method” for valuation. The ranking is widely regarded as one of the most authoritative assessments in Chinese brand research.

Sinochem’s consistent performance has been particularly notable since 2004 when it first entered the top ten of the annual list. Following the establishment of China National Chemical Corporation on 8 May 2021, the enhanced Sinochem brand has maintained its seventh position for four consecutive years, demonstrating sustained growth in brand value and international market recognition.

The company attributed its success to implementing comprehensive brand management strategies aligned with government directives on brand development. Sinochem stated that it will continue to leverage high-quality brand building and valuable brand assets to strengthen its core functions and competitiveness, supporting the company’s long-term development objectives.

The World Brand Conference, now in its 22nd year, serves as a key platform for evaluating China’s corporate brand landscape and tracking the evolution of the country’s most significant commercial entities.

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