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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Maxion Wheels has reaffirmed its dedication to responsible business practices, operational excellence and environmental stewardship by strengthening a resilient and sustainable global supply chain. The company emphasises that collaboration with suppliers sharing its values is vital for delivering long-term value to customers, communities and stakeholders while maintaining high expectations for performance in quality, delivery, sustainability, innovation and ethical conduct. The 2025 Maxion Wheels Supplier Awards recognise exceptional partners whose contributions have advanced the business and reinforced its supply chain worldwide.

Among the honourees, Akzo Nobel Coatings Ltda of Brazil received the Supplier of the Year award for the Americas. A global leader in paints and coatings, AkzoNobel supports Maxion facilities in Brazil and Argentina with liquid and powder coating technologies. In 2025, it earned an ‘A’ rating in the annual Supplier Performance Evaluation for its commitment to quality, innovation, sustainability and supply reliability.

For Asia, JSW Steel Limited of India was named Supplier of the Year. Part of the O.P. Jindal Group, JSW Steel is one of India’s leading steel manufacturers, with an annual production capacity of 35 million tonnes across six plants. As a strategic partner for Maxion India, it supports product development, operational flexibility and business growth. Its senior leadership engagement and strong collaboration helped it meet all environmental, social and governance requirements, securing an ‘A’ rating.

In the EMEA region, FreiLacke, a brand of Emil Frei GmbH & Co KG, received Supplier of the Year honours. The family-owned German coatings specialist, based in the Black Forest, supplies powder and liquid coatings to several Maxion aluminium wheel plants and supports development for both aluminium and steel applications. FreiLacke achieved Supplier Performance Evaluation scores above 97 and met all quality, ESG and governance requirements, earning an ‘A’ rating.

The Green Wheel Award for 2025 went to Akzo Nobel Coatings CZ of the Czech Republic. Based in Opava, the company is part of the AkzoNobel group and serves as a key supplier to Maxion Wheels Ostrava, providing high-quality coating solutions for wheel manufacturing while demonstrating responsible business practices.

Akzo Nobel Coatings CZ was recognised for outstanding sustainability performance, achieving a Supplier Performance Evaluation sustainability score of 24 out of 25 and full compliance with Maxion’s ESG, governance and responsible sourcing requirements. Supported by AkzoNobel’s ambitious sustainability agenda and strong transparency, the company exemplifies leadership in environmental stewardship and sustainable value creation across the supply chain.

Pia Schütz, Vice President – Global Purchasing, Maxion Wheels, said, “At Maxion Wheels, we view our suppliers as strategic partners in our success. Their dedication to quality, innovation, sustainability and operational excellence enables us to better serve our customers and continuously improve our performance. These awards recognise organisations that have distinguished themselves through exceptional collaboration and a shared commitment to creating long-term value.”

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Hankook Tire has renewed its FIA Three-Star Environmental Accreditation, retaining the highest rating awarded under the Fédération Internationale de l’Automobile’s environmental certification framework. The renewal follows a rigorous assessment by FIA Sustainability, with final approval securing the accreditation through July 2028. Hankook first earned the distinction in 2024 while serving as exclusive tyre supplier and official partner of the ABB FIA Formula E World Championship.

The FIA programme evaluates environmental management across motorsports and mobility, covering performance, energy reduction, logistics efficiency, waste optimisation and carbon neutrality initiatives. Hankook’s renewed status confirms that its motorsport environmental systems satisfy FIA standards. The company has also conducted life cycle assessments for Formula E tyres, spanning raw material procurement, manufacturing and transportation, while tracking carbon footprints throughout production.

Beyond racing, Hankook’s Geumsan Plant became Korea’s first tyre facility to obtain ISCC PLUS certification in 2021. The certification has since expanded to plants in Hungary, Daejeon and Jiaxing, China. The company has additionally secured a long-term renewable energy power purchase agreement for its Hungary Plant and installed solar systems for on-site use at Geumsan, Chongqing and Jiaxing.

Hankook plans to keep reviewing and strengthening ESG management and environmental capabilities across its unified global brand. The renewed accreditation reaffirms the company’s commitment to sustainable motorsport operations while advancing broader environmental goals throughout its international manufacturing network.

Willem Groenewald, FIA Secretary General for Automobile Mobility, Sustainability and Tourism, said, “Congratulations to Hankook on renewing its FIA Three-Star Environmental Accreditation. Earning our highest environmental standard once is an achievement; renewing it shows a commitment that runs deep. As a Global Partner of the FIA, Hankook shares our belief that motor sport can drive innovation from the track to the road, and this renewal is a fitting reflection of the partnership we are building together.”

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Pirelli is all set for Formula 1's newest venue, the Madring, which hosts its first Spanish capital Grand Prix next weekend. The tyre supplier has nominated the C2 as Hard, the C3 as Medium and the C4 as Soft for the 5.416-kilometre circuit, which blends a street section threading between exhibition district buildings with a permanent layout and boasts 22 corners, among them the 550-metre Monumental with its 24 percent banking.

Only 200 metres separate the start-finish line from Turn 1, and the opening sector is extremely fast. The middle part of the lap brings several medium and low-speed corners, including the banked Turn 12, while the closing stretch serves up 90-degree turns reminiscent of Baku.

Pirelli's involvement stretches back three years, when circuit designers first shared details of the intended layout. Simulation tools enabled engineers to trace the paths cars would take and compute the forces tyres would face. Once construction concluded, Pirelli personnel travelled to Madrid to gauge the asphalt's macro and micro roughness, sharpening their simulations and preparing a technical document distributed to teams ahead of the event.

In energy terms, the track sits among the five most taxing on the calendar, generating lateral forces on par with Barcelona and Silverstone. The Monumental produces the year's highest vertical load thanks to both its banking and its length, and it also tests grip, with drivers likely to choose differing approaches depending on whether they favour setting up an attack into the next corner.

Because the asphalt is unusually smooth and offers modest grip, it has been cleaned with high-pressure water jets to strip away dust and oily deposits typical of fresh surfaces, a practice already employed at circuits such as Singapore. Elevation also distinguishes the layout: Turn 7 marks the highest point at roughly 700 metres above sea level, reached via an 8 percent gradient and 10-metre climb from Turn 6, while Turn 2 is the lowest, sitting 26 metres below.

With no testing possible before the weekend, teams will only finalise their programmes and tyre strategies after first practice, possibly reserving Hard sets for Sunday if softer rubber degrades sharply. Last year brought ambient highs of 29°C, though the circuit's altitude makes severe heat improbable. Madrid's region previously staged nine Spanish Grands Prix at Jarama from 1968 to 1981, where Mario Andretti won twice and Lotus took four wins. Across 55 Spanish Grands Prix at five venues, Michael Schumacher and Lewis Hamilton each have six victories, while Ferrari leads constructors with 12.

The Pirelli Design podium cap by Denis Dekovic carries a white crown and the seven stars of Ursa Major under the peak and is on sale through Pirelli's e-commerce platform.

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Nokian Tyres marks the 90th anniversary of its Hakkapeliitta winter tyre family, celebrating a legacy that began in 1936 with the introduction of the first Hakkapeliitta-branded tyre, the Lumi-Hakkapeliitta. This debut product, arriving just two years after the world’s first winter tyre, featured a transverse tread pattern and suction-pad-style grip, establishing itself as a breakthrough in winter mobility and the first winter tyre designed specifically for passenger cars.

The company commemorates this milestone with the launch of its newest winter product, the Nokian Tyres Hakkapeliitta 01, announced in March and available for sale at tyre shops this fall. The Hakkapeliitta 01 represents a significant step forward in the brand’s rich history, introducing On-Demand Grip technology that allows studs to enter ‘OFF’ and ‘ON’ modes in response to driving conditions.

Throughout the decades, Nokian Tyres expanded the Hakkapeliitta’s influence from the Nordic region to snowy surfaces worldwide. The Haka-Hakkapeliitta became one of the best-selling winter tyres of the 1950s and 1960s, featuring a dense pattern of protrusions effective on icy roads with packed snow, while the first studded model, Kometa-Hakkapeliitta, was introduced in the 1960s. The product family gained global recognition during the same period by dominating the Monte Carlo Rally, cementing its association with extreme weather performance.

Forty years ago, in 1986, the company opened the Ivalo Test Center, known as White Hell, in Finland, providing a diverse winter tyre testing environment with temperature variations of up to 40 degrees possible in a single week. From 2000 onward, all new Hakkapeliitta tyres have featured the Driving Safety Indicator, an easy-to-read number moulded into the tyre indicating remaining tread life. Innovations such as the square stud, Bear Claw technology, Double Stud technology and Arctic Grip Crystals have further advanced both studded and non-studded offerings.

Today, studded and non-studded Hakkapeliitta products equip passenger cars, SUVs, commercial vehicles, trucks, tractors and selected speciality equipment used in municipal maintenance and contracting. Models including the studded Hakkapeliitta 10 and non-studded Hakkapeliitta R5 have ranked atop test results, helping keep drivers safe in diverse winter weather.

The Hakkapeliitta 01 reduces road wear by up to 30 percent compared to its predecessor, the Hakkapeliitta 10, while improving ice grip by up to 10 percent and wet grip by up to 5 percent. Noise levels drop by as much as one decibel, making the new tyre a victory of safety and comfort. This marks the second time in the series’ history that Nokian Tyres has reset its numerical naming convention. Consumers can purchase the Hakkapeliitta 01 this fall at tyre shops across the Nordics, North America and Central Europe.

Paolo Pompei, President and CEO, Nokian Tyres, said, “The Hakkapeliitta product family is an iconic part of our heritage and continues to play a central role in our strategy. Achieving and maintaining leadership in the winter tyre market requires continuous innovation. The new Nokian Tyres Hakkapeliitta 01 is a clear demonstration of that commitment, combining our longstanding expertise with the latest advancements in safety and performance.”

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