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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Bridgestone Aircraft Tire Europe, a subsidiary of Bridgestone Corporation, has received a Gold rating from EcoVadis, the sustainability assessment platform, placing the company among the top five per cent of the 130,000 companies evaluated worldwide across 220 industry sectors.

The result marks a sharp improvement from recent years. The company achieved a Bronze rating two years ago and ranked in the top 15 per cent last year.

“After receiving Bronze just two years ago, this EcoVadis Gold Medal recognises the rapid progress we’ve made on our sustainability journey,” said Jean-Philippe Minet, managing director of Bridgestone Aircraft Tire Europe. “Last year, we were in the top 15 per cent and advancing to the top five per cent this year reflects the collective effort and commitment of the BAE team. This achievement showcases our progress in building a more sustainable commercial aviation sector.”

The 2025 Gold rating follows a year in which the company completed a full carbon footprint assessment covering Scopes 1, 2 and 3, carried out an energy audit and developed a decarbonisation roadmap.

It also reported zero lost-time accidents for a fourth consecutive year and implemented projects aligned with the Bridgestone E8 Commitment, including partnerships supporting sports, charitable activities, cancer-focused organisations and initiatives for underprivileged children.

EcoVadis assesses how organisations integrate sustainability into business and management systems across four pillars: environment, labour and human rights, ethics, and sustainable procurement.

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Nokian Tyres has earned a leadership-tier A- score from CDP for its climate change mitigation efforts for the sixth consecutive year. CDP, a global environmental disclosure non-profit, assesses thousands of companies on their transparency, risk management and tangible actions towards decarbonisation.

An A- rating places Nokian Tyres among the highest performers, reflecting robust ambition, target-setting and operational execution. A prime example of this commitment is the company’s pioneering tyre factory in Romania, which operates as the world’s first full-scale zero-CO₂-emissions production facility. It runs entirely on renewable energy, including wind, hydro, biomass and solar power, and even generates manufacturing steam without fossil fuels.

Supporting these operational milestones, Nokian Tyres has set a long-term goal of achieving net-zero greenhouse gas emissions by 2050. Furthermore, the company’s near-term emission reduction targets have received validation from the Science Based Targets initiative for aligning with the 1.5°C warming limit, underscoring a strategy grounded in contemporary climate science.

Teppo Huovila, Vice President – Quality and Sustainability, Nokian Tyres, said, “Achieving a leadership-level score for the sixth year in a row shows that climate action is deeply embedded in how Nokian Tyres develops its operations and products. We want to deliver solutions that make a real difference, both for the environment and for the drivers who choose our tyres. Our actions for reducing emissions and improving sustainability translate into safer, more efficient and environmentally responsible mobility.”

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Hoosier Racing Tire has appointed a new authorised distributor, Hoosier Tire Western Pennsylvania, to support competitors throughout Western Pennsylvania and Northeastern Ohio. It will cover diverse racing disciplines from asphalt ovals to rally.

The operation is owned and managed by Ryan Hall, whose family business, Big Daddy’s Speed Center, brings over twenty years of racing parts expertise to the role. Meanwhile, Hoosier Tire Mid-Atlantic continues to provide service to customers across Eastern Pennsylvania, Maryland, Delaware and Virginia.

Paul Menting, Vice President – Sales, Hoosier Racing Tire, said, “We’re pleased to welcome Ryan Hall and the Hoosier Tire Western Pennsylvania team as the newest members of our distributor network. Ryan’s long history in the sport, his commitment to local racers, and the reputation Big Daddy’s Speed Center has earned over many years makes this a natural fit for Hoosier.”

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Michelin has expanded its mountain bike tyre portfolio with the introduction of the Wild Enduro and E-Wild Performance Line ranges. The products are now available across North America, following their development for enthusiasts seeking a balance of grip and durability.

The Wild Enduro Performance Line uses a double ply 33 TPI casing to manage rebound and ride feel. To improve reliability across terrains, Michelin has integrated a bead-to-bead shield for sidewall protection and Pinch Protection technology to reduce flats and tears.

The range utilises bi-compound technology, combining Magi-X and Gum-X compounds to manage rolling efficiency and cornering grip. The tyres are available for 29-inch and 27.5-inch wheels in Mixed-Soft (MS), Mixed-Hard (MH) and Rear-specific options.

Brandon Chapel, bicycle brand manager at Michelin North America, said, “Michelin’s history with cycling for more than 130 years is defined by innovations that continuously shape the future of the sport. The new Performance Line tires apply Michelin's expertise from our global racing DNA and relationships with professional teams to create well-balanced tires that meet the demands of everyday riding.”

Designed for the requirements of E-Mountain Bikes, the E-Wild Performance Line adapts technologies from Michelin's Racing Line for daily use.

Key features of the E-Wild range include:

• Gum-X and Magi-X compounds: Used to balance grip and tyre longevity.
• Protection: Anti-pinch and anti-puncture layers to ensure casing durability.
• Reinforcements: Low-pressure reinforcements that allow riders to adjust air pressure for traction.

The E-Wild Performance Line is available in 29-inch and 27.5-inch sizes for both front and rear applications.

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