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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The Alliance for the Future of Tires (AZuR) is broadening its international footprint with a new European project group focused on tyre retreading. An inaugural online meeting for this initiative is scheduled for 22 July 2026, marking the first step in creating a pan-European network uniting companies, research bodies and sector specialists.

Retreading extends the lifespan of premium tyre casings, conserving raw materials and reducing CO₂ emissions while supporting Europe's circular economy. The sector faces regulatory shifts, including the ESPR Regulation, the Digital Product Passport and heightened traceability mandates.

The AZuR project group will serve as a permanent forum for retreaders, tyre makers, equipment suppliers, research institutes and associations. The agenda prioritises innovation, digitalisation, legislation, best practices and joint ventures, with the kick-off session defining the group's mission, thematic focus and structure.

The online meeting via Microsoft Teams on 22 July from 10:00 AM to 12:00 PM CEST invites existing AZuR partners and new European stakeholders. Retreaders, manufacturers, academic institutions and associations are encouraged to participate and shape the platform from its inception.

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Triangle Tyre has secured a position on the 2026 list of China’s 500 Most Valuable Brands, with a recorded valuation of RMB 65.156 billion (approximately USD 9.62 billion). The announcement came during the 23rd World Brand Conference, hosted by World Brand Lab in Beijing on 24 June. The company’s inclusion underscores a consistent upward trajectory in brand equity, driven by comprehensive operational capabilities and sustained industrial focus.

The annual ranking assesses brands through financial metrics, brand strength and consumer behaviour analysis. The entry threshold rose to RMB 5.089 billion (approximately USD 751.62 million), while the collective brand value of the top 500 reached RMB 45.29 trillion (approximately USD 6.69 trillion), a year-on-year increase of RMB 3.26 trillion (approximately USD 481.48 billion). These figures highlight the accelerating expansion and rising influence of indigenous Chinese brands.

Central to Triangle Tyre’s brand prominence is its commitment to proprietary research. The company holds over 1,000 active patents and has achieved breakthroughs in giant engineering radial tyres, direct-pressure vulcanisation and aircraft radial tyres, establishing a fully independent intellectual property system. In May 2026, its self-developed civil aviation tyre received technical authorisation from the Civil Aviation Administration, followed by AS9100D aerospace quality certification in June.

Triangle Tyre has also integrated green design and low-carbon manufacturing across operations, utilising smart factories to enhance digital lean production. These efforts have yielded quality and efficiency gains, while the company’s environmental strategy earned the EcoVadis Gold Medal and strengthened its ESG framework. The brand’s national recognition affirms its innovative capacity and market performance, and the company aims to consolidate its competitive position through continued technological and operational excellence.

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Liberty Tire Recycling, North America’s foremost tyre recycler, has announced that its Chief Executive Officer, Thomas Womble, has been selected as a recipient of the prestigious EY Entrepreneur Of The Year Award for 2026 in the East Central region. The honour, presented by Ernst & Young LLP, distinguishes visionary business leaders who demonstrate exceptional innovation, sustained growth and a commitment to creating lasting value within their industries.

An independent panel of judges recognised Womble for his transformative leadership at the helm of the nation’s largest tyre recycling enterprise. Under his guidance, the organisation has evolved from a regional operator concentrated along the East Coast and Midwest into the only fully integrated, coast-to-coast recycler of its kind in North America. His efforts have been pivotal in pioneering advanced, sustainable applications for scrap tyre materials.

Beyond operational expansion, Womble has spearheaded several industry-first initiatives that underscore his commitment to environmental stewardship. He co-founded the Tire Recycling Foundation and serves on its board while also overseeing the publication of the company’s inaugural Sustainability Report. Additionally, he has forged strategic partnerships to address the collection and recycling of specialised tyres, such as those from bicycles and mining equipment, across both United States and Canada.

Established in 1986, the EY Entrepreneur Of The Year programme subjects nominees to a rigorous evaluation process that weighs financial performance, strategic growth and personal dedication to community impact. Regional winners like Womble are celebrated for their role in reshaping industries and fostering long-term economic and social progress.

Womble said, “Being recognised as Entrepreneur of the Year is one of the highlights of my entire career. I think entrepreneurship is what the American dream is built on. It's certainly what my DNA is built on, and to be honoured with such people that are making such a difference in the world is quite an achievement.”

Shannon Crone, Entrepreneur Of The Year East Central Program Co-Director and EY Executive Director, said, "Through their vision, focus and commitment to growth, they are building companies that move markets forward, create opportunities for their teams and strengthen the communities around them.”

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Prometeon Tyre Group has published its 2025 Sustainability Report, reinforcing the company’s commitment to environmental, social, governance and economic priorities. The document illustrates how sustainability considerations are now embedded within operational frameworks and strategic planning across the global tyre manufacturer’s industrial, agricultural and off-the-road segments.

The report highlights notable energy achievements, with renewable and high-efficiency sources accounting for 51.5 percent of total consumption. Certified green electricity and biomass represented 31.3 percent, while combined heat and power systems contributed 20.2 percent. For electricity specifically, the renewable share reached 47.5 percent, with the Milan headquarters and Cinisello Balsamo R&D centre fully powered by certified green energy and a new 116 kWp photovoltaic installation.

The Gravataí plant in Brazil maintained carbon neutrality for Scope 1 and 2 emissions through renewable certificates and a biomass boiler for process steam. Overall energy intensity per finished tonne dropped 14.7 percent since 2016, supporting the company’s ambition to achieve climate neutrality by 2040, in line with the Science Based Targets initiative’s 1.5°C pathway, despite a challenging international policy environment.

Material circularity also advanced, with recycled content reaching approximately seven percent, driven by increased recycled steel, rice husk ash-derived silica and pyrolysis oil-based carbon black. From January 2025, Turkish-produced Coach C02 tyres incorporate 23 percent ISCC+ certified materials via mass balance. The Group also earned a B score for Climate Change and B- for Water Security from CDP, placing it at the Management level for structured environmental governance.

Supply chain oversight intensified with 21 supplier audits covering 18 percent of annual raw material expenditure, assessing labour standards, safety and association rights, while cumulative coverage since 2021 reached 99 percent. Prepared under Global Reporting Initiative standards, the report underscores Prometeon’s systematic approach to measuring and communicating its economic, environmental and social impacts.

Nicolas Marchi, Chief of Internal Audit, Compliance, Sustainability & Institutional Relations Officer, Prometeon, said, “The 2025 Sustainability Report confirms Prometeon’s ability to translate its ESG objectives into tangible and measurable results. The increase in the share of energy from renewable and high-efficiency sources, the growth in the use of recycled materials and the recognition achieved through the CDP assessment demonstrate the soundness of the strategy we are implementing. In a rapidly evolving global scenario, we continue to view sustainability as a key driver of competitiveness, innovation and attractiveness. For this reason, we remain firmly committed to our journey towards net zero by 2040, engaging the entire value chain and further strengthening our commitment to people, customers, partners and the communities in which we operate.”

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