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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Goodyear India reported a decline in quarterly profit as softer demand and higher expenses offset modest revenue growth, while the company announced board changes and new senior management appointments.

The tyremaker’s standalone profit after tax fell to INR INR 134.7 million for the quarter ended 30 September 2025, down from INR 143.1 million in the same period last year, according to financial statements approved by the board.

Total income for the quarter edged up to INR 5.8441 billion from INR 5.6835 billion a year earlier, though margin pressures persisted.

Profit before tax for the quarter stood at INR 180.7 million , down from INR 195.1 million in the previous year, reflecting higher input costs and muted replacement demand. Performance in the half-year to September also trailed the prior period, with profit after tax at INR 317.6 million compared with INR 363.7 million last year.

Alongside the earnings announcement, Goodyear India disclosed several board changes. Varsha Chaudhary Jain tendered her resignation as Whole-Time Director, effective 31 December, citing personal reasons. Rajiv Lochan Jain will complete his second term as Independent Non-Executive Director on the same date.

The board has approved the appointment of Gajanan Vithal Gandhe as an Independent Non-Executive Director from 1 January 2026 for a five-year term, subject to shareholder approval. The company stated that he “is not debarred from holding the office of a Director by virtue of any order passed by the Securities and Exchange Board of India or any other Authority.”

Goodyear India also designated three senior executives as Key Managerial Personnel for determining material events under SEBI’s disclosure rules from 1 January: Arvind Bhandari, Chairman and Managing Director; Sandeep Garg, Whole-Time Director and CFO; and Anup Karnwal, Company Secretary and Compliance Officer.

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MRF, India’s largest tyre manufacturer, reported higher quarterly earnings as easing raw material prices offset the seasonal weakness in domestic demand, even as exports held up against tariff pressures.

The Chennai-based group said consolidated total income rose 7 percent year on year to INR 74.87 billion for the three months to 30 September, compared with INR 69.94 billion in the same period last year. Consolidated profit before tax increased to INR 6.99 billion from INR 6.31 billion, while net profit climbed to INR 5.26 billion from INR 4.71 billion.

The company attributed the improved bottom line to “softening of raw material prices”, according to a statement released after its board meeting on 14 November.

Sales in the second quarter are typically slower because of the monsoon season, a trend the company noted once again. Even so, original equipment demand “continued to have a strong double digit growth” and exports “performed well despite tariff issues”. MRF added that the government’s mid-quarter announcement of a reduction in goods and services tax had briefly damped replacement sales, though it expects the revised rate to support volume growth in subsequent quarters.

The board declared an interim dividend of INR 3 per share for the financial year ending 31 March 2026.

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A significant knowledge gap exists among UK drivers regarding the performance of electric vehicles (EVs) in cold weather, according to a YouGov study commissioned by Michelin. With winter conditions setting in and EV adoption rising, the research indicates that more than half of motorists are unaware that their electric car might handle differently in the cold, and over a third confess to feeling nervous about operating one during winter.

This apprehension is compounded by a clear disparity between driver attitudes and their actual preparedness. An overwhelming majority of respondents, around 90 percent, acknowledge the importance of winter vehicle preparation, and 82 percent recognise the critical role tyres play in safety. However, behavioural data reveals a stark contrast, with only 11.7 percent currently using winter tyres. This suggests a widespread failure to translate awareness into actionable safety measures.

The core of the issue lies in a lack of specific understanding about EV dynamics. Twenty percent of those surveyed incorrectly believed electric cars are generally less safe in winter than traditional fuel vehicles. A prominent concern for 67 percent of drivers was losing control on ice or snow, highlighting the critical need for education on vehicle handling. This knowledge deficit is further evidenced by 43 percent of respondents expressing a desire for more guidance on safe EV operation.

Tyre performance is a fundamental aspect of winter safety that is often overlooked. Standard summer tyres begin to harden and lose grip at temperatures below 7°C. In contrast, winter and all-season tyres are engineered with specialised rubber and tread designs that stay flexible in the cold, providing superior traction, braking and stability on wet or icy roads. This is especially crucial for electric vehicles, which are often heavier and deliver instant torque, particularly in rear-wheel-drive models, requiring tyres designed to handle these specific characteristics to maintain stability and even protect driving range.

The survey ultimately underscores an urgent need for a concerted educational effort. Drivers are calling for car manufacturers, the government and retailers to take the lead in providing clear information to ensure safer winter driving for the growing number of electric vehicle users.

Joe Brammer, Technical Manager, Michelin UK, said, “Winter doesn’t just challenge drivers – it challenges their vehicles and tyres too. Cold weather can affect braking distances and grip for all cars, yet too many drivers still aren’t fitting tyres designed for these conditions. With more electric vehicles on the road than ever, its vital drivers understand how winter temperatures impact performance and safety as these cars can perform differently in winter compared to combustion vehicles. Choosing tyres built for cold weather or all-season use can make a real difference in maintaining control, confidence and protection on the road.

“It’s encouraging that drivers understand how important winter preparation is, but awareness needs to translate into action. Whether it’s checking tyre pressures, fitting winter-ready tyres, or booking a professional inspection, a few small steps can make winter driving safer and less stressful. It’s clear too that there is an opportunity for those selling, promoting and encouraging uptake of EVs to help equip drivers with the knowledge they need to stay safe on the roads.”

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In a strategic move to expand its French heavy-duty tyre operations, Ralson Tires Limited has announced a new alliance with the local firm Copadex. This collaboration, unveiled at the Solutrans 2025 event, aims to provide transport professionals across France with reliable, high-value products by merging Ralson’s manufacturing strength with Copadex’s extensive regional market knowledge.

The two companies share a common goal of achieving sustained growth and improving service within the transport industry. This partnership will enable Ralson to offer a comprehensive and tailored product range to meet specific local demands. By leveraging Copadex's established distribution network, Ralson anticipates a significant increase in its market penetration.

This European initiative follows Ralson’s recent foray into India’s heavy commercial vehicle (HCV) tyre market, marking a significant diversification from its established position in the bicycle tyre sector.

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