If the phrase was heavy, the package was heavier still. As big as Rs 20-lakh crore (with thirteen zeroes) package was announced by the Government for a self-reliant India. The package intends to help the country tide over the all-round economic disruption caused by the raging Covid-19 outbreak and a series of lock-downs. Besides the economic stimulus package which is 10% of India's GDP, PM also made a pitch for promoting local businesses.
As was the plan, the next few days witnessed Finance Minister Nirmala Sitharaman unveiling a slew of measures with the intention to help the Indian economy recover from the adverse impact of the coronavirus crisis. While the jury is still out about the direct stimulus of the economic package for the corporate sector, certain transformational and structural reforms have been introduced across several key areas, which certainly hold the potential to rebuild the Indian economy and pave the way for a sustained economic revival.
These include radical reforms in agricultural sector, redefinition of the micro, medium and small enterprises (MSMEs), key steps to revitalise the power sector, liberalisation of the coal and mining sectors and raising of the foreign direct investment (FDI) limit in defence manufacturing. These reform measures tried to address key pain points of the economy and to contribute towards enhancing India’s global competitiveness at a time when the world stands at a critical turning point.
However, what exactly Aatma Nirbhar means has been a subject of intense debate. Two leading lights that have been at the helm of affairs of Indian industry have shed appropriate light to make it sound cogent.
Amitabh Kant, the celebrated CEO of NITI Aayog made it very clear when he said Aatma Nirbhar Bharat is all about making India self-reliant to take the global competition head-on by achieving cost competitiveness through size and scale, quality and cutting edge technologies.
Achieving such lofty ideals is easier said than done and necessitate whole lot of policy enablers many of which have been cited by Kant himself including the need to provide industries with regular and cheap supply of power to boost competitiveness, identifying large land banks and equipping them with infrastructure, easing labour laws, timely land acquisition, environmental & other clearances and easy credit.
Some measures need special mention for instance efficiencies in the logistics sector - India’s port turnaround time is around 60 hours against that of China’s 20 hours and Korea’s 12 hours.
Union Minister for Commerce & Industry Mr Piyush Goyal hit the nail on the head when at Digital Summit organised by CII, he stated (through video conferencing of course) that Aatma Nirbhar Bharat was not just about greater self-reliance but also engaging with the world from a position of strength. India should be seen as a dependable partner and reliable friend in the world market, particularly when the global supply chains are undergoing a rejig, he stated. He specifically mentioned that India had a huge opportunity to promote indigenous production in the auto component sector.
And that brings us to India’s tyre sector which has been a less celebrated manufacturing success stories. As has been communicated earlier, a big chunk, nearly 20% of the domestic tyre production is exported to over 100 countries in the world. And these include discerning ones such as US and European countries. India has potential to increase exports of tyres significantly since domestic capacity is ahead of the demand curve. The quality of Indian made tyres is well established and that’s an added advantage when it comes to exports.
There is little doubt that Covid-19 has pressed the reset button and is likely to lead to a change in the world order. Perhaps that thought spurred the PM to state “Today it is the need of the hour that India should play a big role in the global supply chains”.
Tyre Industry is well aligned with the Government in its stated mission. However as shown by China, it is important to encourage domestic value addition by minimizing the raw material uncertainty and uncompetitive prices. For a sector like Tyre Industry, that will be true Aatma Nirbharta.
Nexen Tire Bags Gold Rating From EcoVadis For 2nd Consecutive Year
- By TT News
- July 15, 2025
South Korean tyre major Nexen Tire has added another feather to its cap and has received a Gold rating from EcoVadis for the second year in succession. This places the company among the top 3 percent of over 150,000 companies assessed globally.
Established in 2007 in France, EcoVadis evaluates corporate sustainability performance across Environment, Labour & Human Rights, Ethics and Sustainable Procurement. Its ratings are Platinum (top 1 percent), Gold (top 5 percent), Silver (top 15 percent) and Bronze (top 35 percent).
Nexen Tire showed improvements across all assessment areas. In the Environment category, the company's involvement in global sustainability initiatives, including the Global Platform for Sustainable Natural Rubber (GPSNR), the UN Global Compact (UNGC) and the Science Based Targets initiative (SBTi) was noted. Climate education programmes and greenhouse gas emissions disclosure were contributors.
For Labour & Human Rights, Nexen Tire's human rights policy aligns with international standards from the United Nations and the International Labour Organization (ILO). The company also began human rights assessments for risk management.
In the Ethics pillar, the company reinforced internal systems for risk prevention, monitoring, and mitigation. The Sustainable Procurement score improved through ESG assessments, supplier audits and risk response strategies.
John Bosco (Hyeon Suk) Kim, CEO, Nexen Tire, said, “Receiving the Gold rating from EcoVadis for the second consecutive year is a significant affirmation of our global ESG efforts. We remain committed to responsible and transparent management practices that meet the expectations of our stakeholders worldwide.”
TÜV SÜD Appoints Ishan Palit As Interim CEO During Leadership Transition
- By TT News
- July 11, 2025
TÜV SÜD AG’s Supervisory Board has named Ishan Palit as Interim CEO (Chairman of the Board of Management) effective 15 July 2025, following Dr Johannes Bussmann’s departure to assume the CEO role at MTU Aero Engines AG. Bussmann will leave TÜV SÜD on 14 July 2025. Palit will co-lead the company with CFO Sabine Nitzsche until a permanent successor is appointed.
With over 30 years at TÜV SÜD, Palit has held key leadership roles, including establishing the company’s India operations, serving as Asia Pacific CEO and leading the global Product Service Division. Since 2017, he has been Chief Operating Officer, driving strategic and operational initiatives.
Nitzsche, who joined as CFO in March 2025, brings extensive financial and executive expertise from the high-tech and automotive sectors. Her prior roles include CFO of Vitesco Technologies AG and senior financial leadership positions at Infineon Technologies and GlobalFoundries.
Frank Hyldmar, Chairman of the Supervisory Board of TÜV SÜD AG, said, “We are very pleased that Ishan and Sabine will oversee the interim management of TÜV SÜD during this transition. Ishan is a seasoned TÜV SÜD senior executive with deep knowledge of our business and strong global leadership experience. Sabine brings a proven track record as CFO across multiple multinational enterprises. Together, they form a strong leadership team as we work towards appointing a long-term CEO.”
Hankook Tire Rejigs North American Sales And Marketing Team
- By TT News
- July 09, 2025
Hankook Tire & Technology has announced a series of executive leadership changes at its North American headquarters in Nashville, reinforcing its commitment to growth in passenger and commercial tyre markets. The restructuring brings fresh leadership across key sales and marketing functions.
Kyuwang (Ken) Cho assumes the role of Senior Vice President of North America Marketing, transitioning from his previous dual leadership of PC/LT Sales and Marketing. The industry veteran brings 25 years of Hankook experience, including a stint as Vice President of Global Sales in Korea. K C Jensen steps up as Vice President of US PC/LT Sales, expanding his responsibilities from regional to national oversight after demonstrating strong leadership in the Western market since 2018.
The company welcomes back Mark Roe as Vice President of US TBR Sales, where his four decades of commercial tyre expertise will guide replacement and OE sales strategies. Roe's extensive background includes previous leadership roles at Hankook and most recently at Ralson Tire North America.
Regional sales teams also see strategic promotions. Shaun Prott advances to Regional Director of PC/LT Sales for the West, building on his eight-year tenure with Hankook and prior experience with National Tire Warehouse. Travis Jones rejoins the organisation as Northeast Regional Director, bringing valuable perspective from Michelin and Pirelli. Brian Ford earns promotion to Regional Director of TBR Sales for the West after successfully managing key commercial accounts since 2021.
Rob Williams, President of Hankook Tire America Corp, said, "These leadership appointments reflect Hankook's strong momentum in North America. Ken, K.C. and Mark each bring exceptional industry experience, strategic focus and leadership qualities to their roles. Together, they will help elevate our presence across both consumer and commercial channels, and support our long-term growth ambitions in the US. These moves speak to the strength of our internal talent pipeline & ability to attract top talent and our continued investment in customer relationships. Shaun, Travis and Brian all bring deep knowledge of their markets and proven ability to grow key partnerships."
Michelin X Line Grip D Tyre Promises Range Of Upto 1 Million Miles & Upto 4 Retreads
- By TT News
- July 08, 2025
French tyre major Michelin has introduced its new X Line Grip D range, which is designed to work up to 1 million miles (1.6 million kilometres) with up to four retreads. The company shared its designers' claim that this is a ‘once-in-a-lifetime’ leap in tyre technology for fleets.
In addition to the higher range, the tyres also provide 20 percent more mileage and a 20 percent reduction in rolling resistance compared to the Michelin XDN2 tyre.
Designed to meet both wet and snowy conditions thanks to the chevron tread design, these tyres are said to prove 90 percent better starting traction in snow and over 25 percent better wet starting traction.
Fleets also benefit from using the Michelin X Line Grip D tyre, as it is built on the company’s Duracore casing, featuring Infinicoil and Powercoil technologies.
Pierluigi Cumo, VP – B2B Marketing, Michelin North America, said, “Michelin is never satisfied with current tyre technology when it comes to constantly improving and innovating our products. That’s why Michelin is so proud to introduce the Michelin X Line Grip D tyre. This tyre has the potential going forward to redefine the drive tyre standard in fleets for years to come. It is not an evolution to existing products, but something entirely different the fleet world has never seen before.”
“Michelin has a proven track record of delivering high-quality, reliable products that exceed performance expectations. This fantastic leap in drive tyre technology bring new levels of performance to the road and new levels of savings to our customers,” he concluded.
The Michelin X Line Grip D tyre is available in sizes 295/75R22.5 and 11R22.5.
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