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)

Comments (0)

ADD COMMENT

Link Copied!

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.

Comments (0)

ADD COMMENT

Link Copied!

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.

Comments (0)

ADD COMMENT

Link Copied!

Hankook Tire is preparing to drive excitement in the final stretch of TGL Presented by SoFi Season 2 as the tech-driven golf league approaches its regular-season climax. The concluding three matches are scheduled to take place from 1 to 3 March 2026 at the SoFi Center in Florida, marking a significant moment for both the league and its founding partner.

As the first Official Tire Partner and a Founding Partner of TGL, Hankook Tire has maintained a strong presence throughout the season, leveraging its global ‘Hankook’ brand across multiple platforms. From stadium LED displays to television commercials and live broadcast graphics, the brand has engaged golf fans around the world. This visibility aligns with Chairman Hyunbum Cho’s vision of ‘Innovative Technology’, through which the company seeks to merge mobility and sports while reinforcing its premium identity in approximately 150 broadcast markets.

The path to the championship is far from decided. The action begins on 1 March 2026 with a highly anticipated clash between Jupiter Links GC, co-founded by Tiger Woods, and the league-leading Boston Common Golf, backed by Rory McIlroy. This matchup is more than a meeting of celebrity owners; for the sixth-place Jupiter Links, a victory is essential to break into the top four and keep their playoff hopes alive.

The following day, Los Angeles and New York golf clubs face off in a contest with significant playoff implications. Both teams are locked in tight races with their counterparts, where tiebreakers like total holes won could ultimately decide their fate. Each squad understands that a commanding win is their best path forward. The regular season then concludes on 3 March 2026 with a rematch, as The Bay Golf Club and Jupiter Links GC battle to secure their positions, ensuring every shot until the final hole carries immense weight.

Comments (0)

ADD COMMENT

Link Copied!

Apollo Tyres Ltd recently marked the seventh edition of EK NAAM, its flagship programme dedicated to recognising and uplifting women entrepreneurs from underserved communities. The initiative, launched in 2019, has evolved into a significant platform that celebrates grassroots women leaders who drive community transformation and inclusive development through their resilience and vision. By spotlighting their achievements, Apollo Tyres reinforces its commitment to fostering gender equity and enabling sustainable livelihoods.

At this year’s ceremony, eight remarkable women were honoured as EK NAAM Change Agents for their outstanding leadership and entrepreneurial spirit. The awardees included Sahida Beevi, Seemamol S, Meera Appa, Pinki Ji, Manjulaben Patel, Kavita Ji, Gohil Dakshaben and Bahamuni Kisku. Their recognition followed targeted support and collaboration between Apollo Tyres and its NGO partners, underscoring the impact of structured interventions in empowering women at the grassroots level.

The event featured notable voices who enriched the discourse on equity and inclusion. Gregor Trumel, Counsellor for Cooperation and Cultural Affairs and Director of The French Institute in India, spoke on the importance of diversity in strengthening societies and international partnerships. R Mahalakshmi, Chief Human Resources Officer at Apollo Tyres, reiterated the organisation’s dedication to inclusive growth, emphasising that supporting women entrepreneurs is essential for lasting community progress. A special interaction with Anjum Chopra, former captain of the Indian women’s cricket team, offered the audience valuable perspectives on leadership and determination.

The occasion also saw Apollo Tyres Foundation reaffirm its strategic alliance with Saral Jeevan India Foundation and Frontier Markets, aimed at expanding economic opportunities for rural women through digital platforms. Ajaita Shah, Founder and CEO of Frontier Markets, highlighted the vital role of women-led enterprises in fostering grassroots economic development. Additionally, a panel discussion titled ‘Justice in Action: Advancing Equity for Inclusive Futures’ called for moving beyond conversation to concrete systemic change, ensuring fairness and access for marginalised groups by embedding equity into policy and practice.

Through EK NAAM, Apollo Tyres continues to advance its sustainability goals in alignment with the United Nations Sustainable Development Goals, positioning women as key drivers of change and community resilience.

Comments (0)

ADD COMMENT

Link Copied!