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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Tegeta Green Planet was represented by its director, Shalva Akhvlediani, at the 4th IRF Europe & Central Asia Regional Congress & Exhibition, convened by the International Road Federation (IRF Global). The three-day gathering assembled specialists possessing international and regional expertise, alongside public and private sector delegates and researchers, to deliberate on pressing matters concerning road infrastructure development.

Sustainable, Smart and Safe Roads for Sustainable Economic Growth served as the congress's central theme. Akhvlediani took part in a session titled ‘Sustainable Road Infrastructure: Climate Risks, Emissions and Long-Term Efficiency’, which examined methods for reinforcing the resilience and sustainability of road infrastructure across its complete lifecycle, spanning planning, design, construction, maintenance and renewal.

Climate change adaptation, low-carbon materials, circular economy approaches and environmental efficiency featured among the session's principal subjects, together with solutions guaranteeing road infrastructure's durable, long-term performance. Akhvlediani shared Tegeta Green Planet's expertise and outlook, noting that the company's operations accord directly with circular economy principles by converting waste into resources and advancing responsible waste management.

Operating within Extended Producer Responsibility, Tegeta Green Planet occupies a significant role in Georgia's collection and management of specific waste streams, including used tyres, waste oils and automotive batteries. This practical experience illustrates how circular economy principles can be embedded in real business and infrastructure solutions. Congress discussions additionally addressed international experience exchange and practical approaches for strengthening infrastructure resilience, environmental efficiency and long-term durability.

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NEXEN TIRE has strengthened its Australian logistics footprint by opening a new distribution centre in Perth, Western Australia’s largest hub city. The move extends the company’s supply network beyond its existing east-coast bases in Sydney, Melbourne and Brisbane, creating a more comprehensive nationwide distribution system.

The Perth facility is expected to improve product availability for dealers and consumers across Australia. By enhancing local inventory management, NEXEN TIRE aims to shorten logistics lead times and respond more quickly to shifts in market demand, thereby boosting its competitiveness in the fast-growing Australian market.

Beyond logistics, the tyre maker has introduced its Shop Branding programme to Australia, applying a unified visual identity to partner stores through signage, interiors and displays centred on its signature purple. NEXEN TIRE has also continued sports marketing efforts as an official sponsor of A-League club Sydney FC since the 2024/25 season, with the partnership running through the 2026/27 campaign beginning October 16.

Australia remains a strategic market for NEXEN TIRE, with its local subsidiary posting revenue growth of more than 50 percent year-on-year in the first half of this year, more than double the same period in 2024. Combining distribution expansion with locally tailored marketing, the company plans to deepen engagement with Australian consumers, drawing on expertise gained from supplying original equipment tyres to global premium automakers.

John Bosco (Hyeon Suk) Kim, CEO, NEXEN TIRE, said, "With the opening of this distribution centre, we have secured a foundation to supply our products more reliably beyond the east coast. We will strengthen both our distribution network and brand marketing to continue expanding our presence in the Australian market."

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TyreSafe, UK’s leading tyre safety charity, has entered into a new partnership with Mission Zero, a prominent quality standard within the road fleet sector. The collaboration is designed to help organisations enhance compliance, lower risk and advance shared goals for safer, cleaner and more responsible road transport.

Mission Zero offers a structured framework for fleets pursuing zero collisions, emissions and prohibitions, centred on a comprehensive legal compliance audit alongside recognised industry best practice. Its credentials are formally acknowledged across major infrastructure and transport programmes, including Transport for London’s Work-Related Road Risk requirements, HS2, Sizewell C, National Highways and CLOCS.

TyreSafe already collaborates with several of these bodies, including National Highways and CLOCS, reinforcing tyre safety’s place within broader fleet safety and compliance efforts. Its expertise has likewise gained national recognition, featuring in the government’s developing approach to work-related road safety and the creation of a National Work-Related Road Safety Charter.

Under the partnership, the two organisations will jointly assist fleet operators in recognising how effective tyre management supports safer vehicles, stronger compliance and reduced occupational road risk. Combining expertise, resources and industry engagement, they aim to help organisations build safer fleets, prevent incidents and foster a more sustainable road transport future, reflecting TyreSafe’s ongoing commitment to collaboration across the transport, enforcement and fleet sectors and to keeping tyre safety central to the journey towards Vision Zero.

Nick Caesari, CEO, Mission Zero, said, “Tyre safety is a fundamental part of managing risk within any fleet operation. Mission Zero is focused on helping organisations move beyond compliance and adopt a proactive approach to safety, and working with TyreSafe allows us to strengthen the guidance and support available to operators. Together, we can help businesses understand the important role that safe, well-maintained tyres play in preventing incidents and achieving their wider road safety goals.”

Stuart Lovatt, Chairman, TyreSafe, said, “We are pleased to partner with Mission Zero and support its ambition to help organisations achieve higher standards across fleet safety. Tyres are one of the most important safety-critical components on any vehicle, yet they are often overlooked as part of wider compliance and risk management strategies. By working with Mission Zero, we can help more operators recognise that effective tyre management is a vital part of achieving safer fleets and reducing work-related road risk.”

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Kuraray America, Inc. (KAI) demonstrated its community commitment through volunteer service and financial support at the 77th annual Pasadena Livestock Show & Rodeo. The Kuraray Foundation of America (KFA), a 501(c)(3) nonprofit corporation, contributed USD 5,000 to the event, funding local youth programmes.

Over the rodeo's nine-day run, eleven KAI employees dedicated more than 350 volunteer hours to health, safety and security operations. Leveraging their professional expertise, these volunteers identified and mitigated onsite risks, staffed the medical tent and worked behind the scenes to ensure a safe, well-organised experience for all attendees.

Beyond safety duties, KAI volunteers supported interactive educational exhibits highlighting the connections between industry, agriculture, and sustainability. These displays allowed families to explore the farm-to-table journey and understand how various industries contribute along the way. The rodeo's fundraising efforts extend far beyond the event itself, supporting college scholarships, livestock show awards, calf scramble programmes and other agricultural education opportunities for local students.

For KFA, the sponsorship represented more than financial backing – it was a chance to invest time, expertise and resources in an organisation dedicated to the Pasadena community throughout the year. KAI expressed gratitude to the rodeo for welcoming its team and recognised volunteers David Solo, Calvin Balch, Alex Berry, Dwight Brunner, Matt Callas, Eric McDaniel, Miguel Pompa, Zachary Reynolds, Chase Stewart, Richard Bass and Tyler Free for their service, reflecting the company's dedication to being an active partner in the communities where its employees live and work.

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