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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TyreSafe, UK’s charity dedicated to raising tyre safety awareness, has entered a strategic partnership with the Road Haulage Association (RHA) to strengthen tyre safety standards within UK’s commercial vehicle industry. This collaboration unites TyreSafe’s educational expertise with the RHA’s membership of over 8,500 companies operating more than 250,000 commercial vehicles. The initiative also extends to coach and van operators, ensuring a broad range of professionals receives targeted maintenance guidance.

The joint effort tackles persistent tyre challenges among small and regional haulage firms by reinforcing compliance and efficiency across fleets and supply chains. Recent roadside checks at Lymm and Exeter revealed a clear divide: larger national fleets maintain high tyre standards, while smaller operators struggle with poor condition and practices. The partnership focuses on raising awareness of tyre safety, supporting legal obligations and promoting best practices in inspections.

Poor tyre maintenance can lead to roadside breakdowns, unsafe conditions, higher fuel costs, legal penalties up to GBP 20,000 and individual driver fines of GBP 200 per illegal tyre plus penalty points. Proper management reduces blowout risks, improves fuel economy and CO₂ emissions, lowers downtime and maintenance costs and ensures compliance. Tyres are essential for safe braking, handling, load stability and control.

TyreSafe and the RHA will collaborate on targeted communications and educational campaigns to elevate tyre safety standards across the commercial vehicle sector. The partnership supports all operation levels, from owner-drivers to major fleets, ensuring tyre safety is recognised as a fundamental pillar of safe and responsible fleet management across UK’s road transport network.

Stuart Lovatt, Chair of TyreSafe, said, “We’re delighted to welcome the Road Haulage Association as an official TyreSafe supporter. This partnership is about engaging with the haulage sector – from fleet operators to professional HGV, coach and van drivers. Heavy goods vehicles keep our economy moving, but they also operate in demanding conditions where tyre safety is essential. While many larger fleets are leading the way, we know there is more to be done to support smaller and regional operators with key information about tyre safety management. By working together with the RHA, we can bridge that gap – empowering operators, drivers and technicians with the knowledge they need to keep vehicles safe, compliant and efficient.”

Geraint Davies, UK Director of Partnerships at the Road Haulage Association, said, “We’re pleased to be joining TyreSafe as a supporter and to strengthen our focus on tyre safety across the sector. Our members operate in a highly regulated environment where safety, compliance and efficiency are paramount. Tyres play a critical role in all three. This partnership will help us provide practical guidance and support to operators of all sizes, ensuring they can meet their responsibilities while protecting their drivers, their businesses and other road users.”

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Tana Oy is expanding its waste processing portfolio with the launch of its Multi Waste Buckets MWB17 and MWB23, positioning the products as a lower-cost alternative to standalone pre-shredders.

The loader-mounted attachments integrate pre-shredding and bag opening at the point of loading, eliminating the need for separate shredding equipment. The approach is designed to streamline operations by reducing material size earlier in the process, improving feed consistency for downstream sorting, recycling and energy recovery systems.

The company said the integrated solution can lower operating costs by cutting the number of machines required on site, reducing fuel consumption and maintenance needs and minimising unplanned downtime. By removing additional handling steps, the buckets also aim to simplify internal logistics and improve site efficiency.

The MWB units are designed for plug-and-play installation across a range of wheel loaders and material handlers, enabling operators to process waste directly at the loading stage. The system delivers a particle size of roughly 300–400 millimetre and throughput of up to 90 cubic metres per hour, supporting higher recovery rates and reduced wear on secondary equipment.

Both models feature a three-axle design intended to optimise cutting performance and material flow, supported by higher torque on outer axles and a faster central axle. Additional design elements including protected bearings and self-cleaning structures are aimed at improving durability and reducing maintenance requirements.

The MWB17 targets 10–15-tonne loaders, while the MWB23 is designed for 13–20-tonne machines, allowing deployment across varying operational scales. The company said the products can either replace or complement conventional pre-shredders as part of efforts to improve cost efficiency and sustainability in waste processing.

“Pre-shredding is the critical first step in turning waste into value. With the TANA Multi Waste Buckets, we are bringing that step directly into the loading phase making the process simpler, more flexible and significantly more cost-efficient for our customers,” says Eetu Tuovinen, Product Marketing Manager, Shredders, Tana Oy.

Field experience has shown that integrating pre-shredding into the loading phase can streamline site operations. “Customers have seen immediate benefits in terms of reduced transport needs, smoother material flow and less downtime in downstream equipment. The ability to pre-process waste on the spot changes how efficiently the whole site can operate,” says Tuovinen.

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Finland-based Tana Oy has appointed Gerd Schreier as Vice President of Sales, Marketing and Channel Management, effective May 1, 2026, as the company sharpens its global growth strategy.

Schreier brings international experience in heavy equipment sales, aftersales and general management, having led global teams across direct and dealer networks. In the new role, he will oversee commercial operations with a mandate to expand market reach, strengthen channel alignment and drive consistent growth across regions.

Separately, the company named Olli Heinonen as Vice President of Product Marketing and Portfolio Strategy, also effective May 1. Heinonen, who has spent the past four years developing Tana’s distributor network across more than 50 countries, will now lead product and solutions strategy, with a focus on portfolio development and application coverage.

The leadership changes come as Tana seeks to scale its international footprint and reinforce its positioning in the waste management equipment market, with an emphasis on delivering measurable customer value and aligning product strategy with evolving global demand.

“Gerd brings exactly the kind of international commercial leadership and strategic mindset we need as we continue to grow our global presence,” said Jari Mennala. “His experience in building strong sales organizations and partner networks will be key as we sharpen our customer focus and accelerate growth.”

“I am passionate about building a more sustainable future through my work in the recycling industry. On a personal level, contributing to a circular economy is deeply rewarding and aligns with my values.

Professionally, I am motivated to be part of a leading organisation known for its strong customer reputation and commitment to excellence. I enjoy working in environments where innovation, responsibility and long-term impact come together to create meaningful change,” said Schreier.

“It has been a privilege to work closely with our global distributor network and to witness the strong commitment and collaboration that define Tana’s way of working. I am grateful for the partnerships we have built and the results we have achieved together. In this new role, I am excited to support the next phase of Tana’s product and solutions portfolio and strategic direction,” said Heinonen.

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LD Carbon, a South Korean environmental materials company, has filed a criminal complaint against its former chief executive and two senior finance officials, accusing them of embezzling corporate funds and misusing government subsidies through falsified payments and internal approvals.

The filing, submitted to the Suseo Police Station in Seoul and accessed by Tyre Trends magazine, names former CEO Hwang yong-kyung (YK), Chief Financial Officer Lee Chung-jin and Finance Manager Han Seung-yeon (Sara) as suspects in an alleged scheme that spanned from 2022 to 2023. 

At the centre of the complaint is what the company describes as a ‘bonus recycling’ scheme designed to create off-the-books cash. Following the complaint, a probe has been initiated. 

After LD Carbon raised about KRW 18.5 billion (approximately USD 12.5 million) in Series A funding in 2022, Hwang allegedly instructed selected employees to accept inflated bonuses or salary payments and return portions of the money in cash. 

The approach, according to the filing, was framed as a way to manage tax exposure while enabling payments that could not be processed through formal corporate channels.

Internal documents cited in the complaint show unusually large bonus allocations in the tune of tens of millions of won per employee, which is far exceeding typical compensation levels. 

The payments were approved through standard company processes with sign-offs from the finance department including the CFO, the filing states.

The complaint includes call recordings and internal communications in which employees were allegedly directed to return funds as well as bank transaction records showing the movement of money through employee accounts.

Broker fee dispute tied to fundraising
The company alleges that part of the diverted funds was used to pay a broker commission linked to the 2022 fundraising round.

According to the filing, a third-party intermediary involved in introducing investors was promised a success fee of roughly 2.5 percent of total funds raised, equivalent to about 137.5 million won. 

While the individuals allegedly agreed to cover the fee personally, the complaint claims the payment was instead funded using company money routed through the bonus scheme.

Messages cited in the complaint suggest internal discussions about dividing the fee among executives, indicating awareness that the expense was not a legitimate corporate liability.

Government subsidies allegedly misused
Beyond corporate funds, the complaint accuses the executives of improperly using government subsidies provided for environmental export and development projects.

LD Carbon participated in programmes administered by state-affiliated agencies to support overseas expansion of eco-friendly businesses. Under South Korean law, such subsidies must be used strictly for designated purposes.

The filing alleges that funds were instead diverted to unrelated expenses, including payments to affiliated or controlled businesses, costs for unrelated products such as golf balls and consumer goods and marketing and vendor payments supported by fabricated invoices.

Supporting materials include internal approval documents, emails and supplier invoices, which the company claims were falsified to justify the expenditures.

Potential legal violations
The allegations, if substantiated, could constitute multiple criminal offences under South Korean law, including occupational embezzlement, criminal breach of trust and violation of the Subsidy Management Act.

Under applicable statutes, misuse of government subsidies can carry penalties of up to five years in prison or significant fines with additional exposure under broader financial crime provisions.

The complaint alleges that the three individuals acted in collusion, emphasising how their roles complemented one another within the organisation’s financial structure. It points to Hwang, in his capacity as CEO, as having overarching authority and control over the organisation’s funds, thereby setting the strategic and operational direction.

It further highlights Lee’s position as CFO, noting his responsibility for financial oversight, governance and ensuring the integrity of financial management processes. Within this framework, Lee is portrayed as a key figure in monitoring and validating the movement and use of funds.

Finally, the complaint identifies Han, the finance manager, as the individual responsible for executing transactions. In this role, Han is described as operationalising financial decisions, thereby completing the chain of actions that, according to the complaint, demonstrates coordinated conduct among all three parties.

Internal disruptions 
Separate company records reviewed indicate that multiple employees resigned during and after the period in question. While there is no confirmed causal link between these departures and the alleged misconduct, the timing has drawn attention. 

Some employees named in the complaint appear to have been involved in processing or receiving the disputed payments, suggesting that certain staff members may have acted as intermediaries, knowingly or otherwise, within the alleged scheme.

At present, the matter remains at the complaint stage and it is unclear whether authorities have formally initiated a criminal investigation or undertaken actions such as issuing summons or conducting searches. 

Also, Korea Environmental Industry and Technology Institute (KEITI) conducted audit on LD Carbon on 24 April 2026, which will soon to be followed with further investigation and preliminary disposition if wrong use of govt fund is confirmed.

The case underscores growing regulatory and public scrutiny over how companies manage government-backed funding alongside private investment in South Korea’s innovation-driven economy. 

In recent years, regulators have intensified oversight, particularly in sectors linked to sustainability and advanced manufacturing. The outcome of the case may ultimately hinge on how authorities interpret the intent behind the transactions and whether internal approval mechanisms are found to have concealed or facilitated the alleged misuse of funds.

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