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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Scandinavian Enviro Systems (Enviro) has received court approval to initiate a formal company reorganisation process. The Gothenburg District Court granted the application submitted by the company on 26 February 2026, with the procedure applying specifically to the parent entity. This type of restructuring is initially granted for three-month intervals, with the first period now commencing. Johan Sölveland from Ackordscentralen has been appointed to oversee the process as reorganisation administrator.

The decision to seek this legal protection was driven by acute liquidity challenges. A primary factor was the financial strain from unfavourable contractual agreements tied to the Infiniteria joint venture. Additionally, costs stemming from disputes related to a domestic plant project, combined with ongoing arbitration proceedings, have hindered the company’s ability to attract new financing. Compounding these issues, the operational facility in Åsensbruk has not been generating sufficient cash flow to offset these pressures.

Through the reorganisation, the company aims to create necessary breathing room to negotiate with creditors and develop a sustainable long-term financial framework. Management is actively engaged in discussions with both suppliers and customers to maintain normal business operations throughout this period. A detailed plan outlining the proposed structural changes to the business will be presented in due course.

The board has confirmed that current liquidity is adequate to sustain operations for the initial three-month phase of the reorganisation. Efforts are underway to arrange additional funding within this timeframe, with the objective of presenting a fully financed restructuring plan that ensures the continuity of the business.

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Mitas has launched TERRAGUARD, a new generation of VF implement radial tyre, at the Commodity Classic in San Antonio, Texas, held from 25 to 27 February. This latest addition to the Mitas portfolio addresses the pressing demands of contemporary agriculture, including the need to accommodate larger, heavier implements, improve operational efficiency and prioritise soil health.

Engineered for high-capacity applications, TERRAGUARD is designed to bear significant loads while operating at reduced inflation pressures. This allows the tyre to conform to ground contours, ensuring stable handling, a consistent footprint and reliable performance across uneven terrain during both fieldwork and road transport. The tyre’s square shoulder design maximises the contact patch to boost stability, while reinforced sidewalls improve lateral stability, especially when traveling on roads.

A key attribute of the TERRAGUARD is its focus on efficiency. Its advanced VF radial construction and optimised tread geometry lower rolling resistance, facilitating smoother operation and better energy conservation. Furthermore, the tyre’s ability to spread weight evenly over a larger surface area reduces soil compaction, preserving soil structure and enhancing productivity during extended work periods.

The distinctive sawtooth tread pattern complements this by balancing rolling efficiency with controlled traction, minimising vibration and ensuring dependable performance across diverse cultivation tasks and conditions. By integrating high load capacity, operational efficiency and soil protection into one solution, the Mitas TERRAGUARD meets the needs of modern farming. Initially available in sizes VF 280/70R15 TL IMP 140D and VF 295/75R22.5 TL IMP 158D, the range is set to expand with additional sizes in the future.

Roberta D’Agnano, Marketing Director MItas at Yokohama TWS, said, “Modern agricultural operations require implement tyres that do more than simply carry weight. With TERRAGUARD, we combined advanced VF technology with an innovative tread design that actively supports efficiency and soil protection, helping farmers boost productivity in demanding applications. Presenting this product for the first time at Commodity Classic is especially meaningful for us, as the US market is at the forefront of large-scale, high-load farming applications. TERRAGUARD has been developed to meet the specific demands of American farmers, making this event the ideal platform for its global debut.”

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A landmark supply agreement was formalised at the PIF Private Sector Forum 2026 in Riyadh to advance local manufacturing in the Kingdom of Saudi Arabia. Saudi Basic Industries Corporation (SABIC) will provide polybutadiene rubber and carbon black to a joint venture established by the Public Investment Fund (PIF) and Pirelli. This partnership will supply the raw materials necessary to produce three and a half million tyres annually at a facility within the King Salman Automotive Cluster at King Abdullah Economic City.

This initiative marks a significant step for the NUSANED localisation programme by enhancing domestic content and establishing a comprehensive tyre production value chain within Saudi Arabia. The agreement is unprecedented as it enables the complete manufacturing of car tyres locally. It will result in the creation of a bespoke Saudi tyre brand specifically designed for passenger vehicles and regional car manufacturers, operating alongside the production of Pirelli-branded tyres.

The PIF Private Sector Forum serves as a vital platform connecting PIF-related companies, government entities and private firms to cultivate new partnerships. The event plays a crucial role in enabling the private sector to drive transformative projects. It facilitates the exploration of high-potential opportunities that support business expansion and contribute to shaping the nation's economic future, in direct alignment with the objectives of Saudi Vision 2030.

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Maxion Wheels South Africa played host to the Guinness World Record (GWR) Challenge4 team on 25 February 2026, marking a significant moment for the company’s local operations. The team is currently undertaking an ambitious attempt to secure their ninth world record by driving a fully electric Volkswagen ID. Buzz across six continents and through more than 75 countries. The vehicle is fitted with Maxion wheels, showcasing the company’s engineering capabilities in one of the most demanding electric vehicle journeys ever conceived.

The visit to the company’s light vehicle aluminium wheels plant near Johannesburg gave employees a firsthand opportunity to engage with the team and observe how Maxion’s advanced wheel technology performs under extreme global conditions. More than a technical showcase, the event highlighted the company’s central role in accelerating the global transition to electric mobility and its increasing contribution to South Africa’s own sustainable transportation evolution.

With worldwide EV adoption accelerating, Maxion Wheels continues to support its customers by delivering innovative steel and aluminium wheel solutions that prioritise functionality, safety and efficiency. This forward-looking approach is evident at the Johannesburg facility, where recent investments in solar energy underscore a firm commitment to environmentally responsible manufacturing. The integration of renewable power reinforces the company’s dedication to maintaining a sustainable and resilient industrial presence in the region.

The Challenge4 expedition, which began in July 2025, is scheduled to cover more than 80,000 kilometres across Europe, Asia, Australia, Africa and the Americas. The team expects to complete the historic journey in the second half of 2026.

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