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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Nokian Tyres has achieved a significant milestone in the 2026 S&P Global Corporate Sustainability Assessment (CSA), securing a total score of 80 points. This evaluation examines sustainability factors that are critical to long-term corporate performance, with a strong emphasis on risk management, organisational adaptability and overall resilience. The company views this result as a clear validation of its strategic approach.

The assessment awarded the tyre manufacturer perfect scores in several key categories, including Climate Risk Management, Raw Materials Programs, Information Security Policy and Human Rights Mitigation and Remediation. Company leadership has acknowledged that this accomplishment is rooted in the deep integration of sustainable practices across daily operations, product innovation and long-term value generation.

Nokian Tyres also stressed that responsible expansion relies heavily on collaborative efforts with employees and partners, reinforcing that sustainable decisions are fundamental to building resilience in a rapidly evolving global environment.

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Bartell Machinery Systems has announced an expansion of its production facility in Rome, New York, aimed at increasing manufacturing capacity and reducing lead times for customers.

The company is adding 22,400 square feet of high-bay manufacturing space to its existing 152,000 sq ft site. The expansion will include 30-tonne crane capacity, designed to improve material handling, workflow efficiency and flexibility in managing work in progress.

“This expansion of our Rome, New York production facility represents an exciting and important milestone for Bartell Machinery Systems,” said Ben Lunduski, Vice President of Operations of Bartell.

The increased ceiling height will enable the company to manufacture larger and more complex equipment more efficiently. The additional vertical clearance and heavy-lift infrastructure are expected to support improved assembly processes and sequencing of large-scale projects.

Bartell said the investment is intended to increase throughput across multiple product lines, enhance scheduling flexibility and reduce bottlenecks in assembly and testing. The company also expects to expand its capacity to manage multiple projects simultaneously.

“As demand for our large industrial machinery systems continues to grow, this investment reinforces our long-term commitment to our manufacturing operations in Central New York, our customers and our employees,” said Pat Morocco, President of Bartell. “By expanding our production capabilities, we are positioning Bartell for continued success while building a strong foundation for future growth.”

The expansion is also expected to lead to an increase in the company’s workforce to support higher production volumes, contributing to employment in the local area.

Bartell, which produces equipment for the rubber and tyre, wire and cable, and oil and gas industries, said the expansion reflects sustained demand across its product lines and continued growth in recent years. Construction of the facility is at an early stage.

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TyreXpo Asia and AutoMROtive will return to Singapore from 17 to 19 March 2027 at Marina Bay Sands, following a well-attended 2026 edition in Bangkok that drew more than 6,000 buyers and sellers from across the tyre and automotive aftermarket sectors.

The co-located events aim to bring together manufacturers, suppliers and solution providers with distributors, dealers, workshop operators, fleet owners and other industry participants from Asia and international markets. Organisers said the combined format is designed to reflect increasing integration across the tyre and automotive maintenance ecosystems.

TyreXpo Asia Singapore will continue to position itself as a marketplace dedicated to the global tyre industry, while AutoMROtive will focus on technologies and services shaping automotive maintenance, repair and operations, with particular emphasis on fleet servicing.

The exhibition will cover a broad range of segments, including passenger car, commercial vehicle and industrial tyres, alongside wheels and related accessories such as rims and tyre fillers. It will also feature tyre manufacturing, retreading and maintenance solutions, as well as automotive components including batteries and braking systems.

In addition, the event will showcase workshop equipment, diagnostic tools and digital maintenance technologies, including predictive systems. Sustainability is also expected to be a key theme, with solutions related to tyre recycling, disposal and waste management included in the line-up.

Organisers said the event is intended to support companies seeking to expand their presence in the region, offering opportunities to connect with distribution networks, generate sales leads and demonstrate new technologies to a targeted industry audience.

Sponsorship and branding options will be available for companies aiming to increase visibility or position themselves as thought leaders within the sector. These can be tailored to support objectives such as lead generation, market positioning and customer engagement.

The announcement comes as companies in the tyre and automotive aftermarket industries begin planning their sales and marketing strategies for 2027, with trade events expected to play a role in facilitating cross-border partnerships and market access in Asia.

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Toyo Tire Corporation said Mitsubishi Corporation has ceased to be a major shareholder after tendering its entire holding through a treasury share buyback, ending its status as the company’s largest shareholder.

The change took effect on 10^th August , 2026, following Toyo Tire’s acquisition of its own shares through off-auction trading (ToSTNeT-3). Mitsubishi tendered all its shares, excluding less than one unit, as part of the transaction.

As a result, Mitsubishi is no longer classified as a major shareholder or associated company of Toyo Tire, the company said.

Before the transaction, Mitsubishi held 30,822,206 shares, equivalent to 20.07 percent of total voting rights, and ranked as the largest shareholder. Following the change, its holding has effectively been reduced to zero.

The move follows Toyo Tire’s earlier announcement on August 7, 2026 regarding the termination of its capital and business alliance with Mitsubishi, alongside plans to repurchase its own shares.

Toyo Tire said the change would have no impact on its consolidated financial results.

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