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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TBC Corporation, one of North America’s largest marketers of automotive replacement tyres through wholesale and franchise operations, has widened its tyre portfolio through the addition of four new lines under the Multi-Mile Tyres banner. Serving as a value step-up brand, Multi-Mile gives dealers a strong mix of broader product coverage and improved consumer advantages crafted to drive better retail margins, helping retailers offer greater value while lifting profitability. With this expansion, the portfolio now reaches over 85 percent of the vehicle market, offering dealers more ways to satisfy customer demand.

Among the additions are tyres built for rugged and mud terrain use, boasting self-cleaning treads that push out mud and stones alongside dependable traction both on and off the road. Also joining the range are commercial and C-metric speciality tyres tailored to heavy-duty regional and long-haul trucks, together with all-weather tyres that hold the 3-Peak Mountain Snowflake severe snow rating and are made for high mileage and consistent year-round use.

A prominent name in the replacement tyre segment, Multi-Mile carries cutting-edge touring, high-performance and broad-line tyres suited to passenger cars, light trucks and SUVs. Meanwhile, the upgraded Mile After Mile Protection Plan warranty now delivers broader coverage, adding three-year roadside assistance, a three-year road hazard protection plan and a 60-day ride guarantee on top of its extensive treadwear warranties.

Rachel Tibor, Chief Marketing Officer, TBC Wholesale, said, “For more than 70 years, Multi-Mile products have offered cost-efficient, reliable and durable tyre options that enhance safety and performance. With this expanded portfolio, Multi-Mile strengthens its position as a value step-up brand, giving dealers more opportunities to meet evolving consumer needs while offering a product mix designed to support stronger retail margins. We’re continuing our longstanding tradition of supplying the right products at the right time for every type of vehicle and application.”

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The Goodyear Tire & Rubber Company has approved a plan to close its last two chemical manufacturing plants in the United States, located in Niagara Falls, New York, and Bayport, Texas. This decision, made on 29 September 2026, signifies the company's complete withdrawal from the chemical sector as it seeks to streamline operations and concentrate solely on its core tyre products and services.

The decommissioning process is set to begin immediately, with operations at the Niagara Falls facility potentially ceasing by 31 October 2026. The full shutdown is expected to be largely finished by the end of 2027. This move will result in roughly 85 job losses across both sites. Goodyear anticipates total pre-tax exit charges between USD 55 million and USD 75 million, yet projects an annual boost of USD 15 million to USD 20 million to its Americas segment operating income starting in 2027.

This announcement follows the company's October 2025 sale of most of its polymer and chemical operations to a Gemspring Capital Management affiliate for USD 650 million. The Niagara Falls plant, operational since 1946, has also been under heavy regulatory scrutiny and investigative reporting concerning emissions of ortho-toluidine, a known carcinogen, which allegedly surpassed legal limits.

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Kuraray America, Inc. (KAI) celebrated the critical role its customer service teams play in shaping the customer experience with the Customer Service Appreciation Week 2026, recognising them as the vital connection between customers and the many internal teams working together to deliver on company commitments.

This year’s theme, ‘The Extra Mile’, honours the dedication behind that work, including coordinating complex logistics, anticipating customer needs, connecting customers with appropriate expertise and navigating unexpected challenges. Teams bring together people, information and solutions to keep customers moving forward, often making a difference through extra follow-up, proactive updates or determination to find a solution.

Levi Neufeld noted that the EVAL customer service team keeps the customer at the centre of every decision, a commitment shared across all service teams. For Dental, Dinesh Weerasinghe said going the extra mile means understanding each customer’s needs, providing accurate guidance and ensuring nothing is left unresolved. Tim Davis pointed to the PVOH team’s strength in supporting one another through heavy workloads, weather disruptions and unexpected challenges to provide seamless service.

Christian Amad emphasised AIS’s role as the first point of contact, ensuring customers receive needed information and products on time. David Steinberg highlighted Elastomers’ can-do attitude, which helps the team stay flexible and work effectively across three business units and product lines. Across all teams, that extra effort builds customer trust. KAI thanked each member for their responsiveness, knowledge, teamwork and care.

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Hankook Tire, a leading global tyre company under Hankook & Company Group, has earned a place on the ‘World’s Best Companies 2026’ list compiled by the US weekly news magazine TIME. Since 2023, TIME has collaborated with global market research firm Statista to identify the world’s top 1,000 companies annually, evaluating factors such as employee satisfaction, three-year company growth and Statista’s key ESG indicators.

The selection was driven in part by sustained performance growth over the past three years. Hankook Tire’s tyre division reported revenue of KRW 10.3186 trillion in 2025, exceeding KRW 10 trillion for the first time since the company’s founding. This achievement was supported by an expanded premium-focused portfolio and stable sales in major global markets.

Sustainability management has also yielded notable results. The company has broadened its renewable energy procurement, including a long-term power purchase agreement for its Hungary plant signed in February, and now holds international ISCC PLUS certification at four production sites: Geumsan, Hungary, Daejeon and Jiaxing in China. Its recently published ‘2025/26 ESG Report’ introduced a group-wide ESG management framework and an integrated materiality assessment system, with transparent disclosure of key outcomes in sustainable materials, supply chain management and human rights.

Beyond these efforts, Hankook Tire continues creating social value through its group’s integrated ESG brand. It is advancing a ‘Mobility-Tech’ strategy incorporating artificial intelligence and data while adding eco-friendly vehicle models to its flagship ‘Vehicle Sharing’ social contribution programme and expanding it into a demand-tailored support model. The company has set a ‘2050 Net-Zero’ goal, became the first Korean tyre company to receive SBTi approval for 2030 reduction targets in 2023 and earned FIA 3-Star Environmental Accreditation in 2024. It was also named to TIME and Statista’s ‘World’s Most Sustainable Companies’ list and the Financial Times and Statista’s ‘Asia-Pacific Climate Leaders’ list in 2024.

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