One year down the line, the economy certainly seems to have bounced back and how. Several economic indicators are pointing to a definitive recovery. A’V’ shaped recovery, as projected by the Government, seems to be on track. Union Budget provided not only the intent but necessary impetus as evident in enhanced 34.5% increase in the capital expenditure and several other measures. As a result, the optimism and self-assured attitude is more than palpable.

India’s exemplary performance in bouncing back from a pandemic-ravaged slump has also attracted world’s attention. FDI inflows in India went up by a robust 40% in April-Dec 2020 amounting to $68 billion. Sensex, the benchmark stock index has been hovering around a psychologically high 50000 mark.

GST collections rose 27% to hit a record high of nearly Rs 1.24 lakh crore in March this year. In fact, GST collections have stood above Rs 1 lakh crore mark at a stretch for the last six months while witnessing a steep increasing trend.

Purchasing managers’ index (PMI) in manufacturing and services, e-way bills, rail freight – are all indicating increase in consumption and, in turn, economic revival.

The Organisation for Economic Cooperation and Development (OECD) has projected that Indian economy is poised to revive and retake its place as the fastest growing one in 2021 with a projected growth of 12.6% during FY 21-22.

OECD is not alone. Moody’s has revised India’s growth to 12% in 2021 as compared to its November 2020 estimate of 9% growth. Near-term prospects for Asia’s third largest economy have turned more favourable, it has stated.

Similarly, The International Monetary Fund (IMF) in its World Economic Outlook has projected a robust 11.5% growth for India in 2021 making the country the only major economy in the world to register double-digit growth this year.

Another piece of news that has brought cheer to all those interested in economic development of India is the fact that the pace of construction of highways in the country touched a record 37 km per day in the just concluded FY 2020-21. That this feat was achieved against the backdrop of the pandemic makes it all the more remarkable. According to Hon’ble Union Minister of Road Transport and Highways Nitin Gadkari, the achievement is unprecedented and has no parallel in any other country in the world.

With this accomplishment, the length of national highways has gone up by 50% to 137625 km over the past seven years. Total budgetary outlay has increased 5.5 times to Rs 1.83 trillion during this period.

Tyre Industry as “wheels of economy” has long been a bellwether for economic performance. Tyre Industry’s performance too, therefore, points to economic revival.

Both Truck & Bus (T&B) tyres and Passenger Car tyres’ production has been steadily moving up over the last few months. Ever since September’20, the domestic production of T&B and Passenger Car tyres has remained higher than corresponding months in the previous year. In the month of December’20, the T&B tyre production stood at a record high of nearly 20 lakh units. While it shows the economic recovery, at the same time it underscores Indian Tyre Industry’s preparedness and capabilities to be ahead of the demand curve as and when demand peaks in view of the infrastructure development.

The rise in Covid cases again, especially in an economically important state such as Maharashtra, has queered the pitch for continued economic growth. However, given the resilience of Indian economy and the enterprising zeal of our entrepreneurs, India will ride through this challenge as well.

Here is wishing that FY 2021-22 lives up to the high expectations and aspirations of a billion plus dreams. (TT)

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The European Tyre and Rubber Manufacturers’ Association (ETRMA), alongside 13 other European business organisations, has signed a Joint Statement urging the European Commission to ensure a strong and ambitious implementation of the Data Act.

The coalition, including numerous SMEs and Small Mid-Caps from the digital and industrial sectors of European companies, has urged the European Commission to uphold the regulation against pressure to dilute its core provisions, identifying it as a crucial framework for unlocking industrial data across the EU economy. The signatories contend that a robust implementation is vital for fostering a competitive market and unleashing innovation, particularly for smaller businesses.

The coalition highlights the Act’s benefits, which include empowering SMEs with data portability rights, protecting them from unfair contractual terms and mandating that data sharing occurs on fair, reasonable and non-discriminatory (FRAND) terms. A key provision requires cloud providers to facilitate switching through open standards, combating vendor lock-in. The statement expresses concern that lobbying efforts for delayed enforcement, weaker interoperability definitions and reliance on global standards without fairness guarantees threaten to undermine these objectives.

For the Data Act to be effective, the coalition insists on full implementation to open data markets to genuine competition and prevent SMEs from being excluded by legal complexity. The statement also calls for a proportionate approach, requesting practical guidance, standard contractual clauses and well-resourced enforcement authorities to support smaller companies. It notes that in certain sectors, supplementary legislation may be needed for full clarity.

The coalition concludes that strong enforcement is paramount, asserting that without it, the Act's rights will remain theoretical. They warn that any delay or softening of key provisions risks reinforcing the very market barriers the regulation was designed to eliminate. The signatories urge the Commission to ensure robust enforcement to secure a competitive and innovative Single Market for all companies.

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The Yokohama Rubber Co., Ltd. has been selected as the official tyre supplier for the groundbreaking FIA Extreme H World Cup, the world's first hydrogen-powered motorsport series. The company will supply its GEOLANDAR brand of tyres for the championship, which is scheduled to commence next month in Saudi Arabia. The company will also continue to supply GEOLANDAR tyres for the Extreme E off-road electric vehicle series, which holds its final event on 4–5 October in Saudi Arabia.

Central to both the Extreme H and Extreme E series is a shared mission to advance sustainability and equality. The championships serve as dynamic platforms to promote environmental awareness and demonstrate cutting-edge technologies while also enforcing a strict mandate for gender parity by requiring each team to field one male and one female driver. The Extreme H series will feature eight international teams operating the Pioneer 25, a cutting-edge hydrogen fuel cell vehicle capable of generating 550 horsepower and accelerating from 0 to 100 kmph in 4.5 seconds. The global significance of this new championship is expected to draw a worldwide television audience across multiple continents.

As the predecessor to Extreme H, the Extreme E series utilised the high-performance all-electric Odyssey 21 vehicle. All teams competing in the new hydrogen series will also participate in this final Extreme E event, marking the conclusion of the electric championship as it transitions towards a hydrogen future.

In alignment with the environmental principles of these series, Yokohama Rubber will provide a specially developed prototype tyre based on its GEOLANDAR X-AT model. This tyre has been engineered with a significantly increased ratio of sustainable materials, comprising 38 percent renewable and recycled content. It has also been fortified with enhanced durability characteristics to withstand the unique demands of heavy hydrogen-powered and electric off-road racing vehicles.

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Hankook Tire is advancing its future mobility leadership through strategic open innovation and collaborative design projects. This effort was showcased at the company’s recent Design Innovation Day 2025, held at its Pangyo Technoplex headquarters. The event serves as a platform to present new solutions integrating sustainability, innovation and design while reinforcing partnerships with global technology leaders.

A major focus was the unveiling of two key outcomes from Hankook’s ongoing Design Innovation Project. The first was ‘Sustainable Concept Tyre’, an embodiment of the company’s ESG vision. Developed using advanced 3D printing technology, it is constructed from renewable and recycled materials. Its distinctive organic design was realised in collaboration with Harvestance using specialised engineering software.

The second reveal was the WheelBot 2, a multi-directional mobility platform developed with robotics startup CALMANTECH. This advanced robotic wheel system, equipped with tri-axial spherical tyres, demonstrates new possibilities for movement. Its potential was illustrated through a live demonstration of the PathCruizer, a two-seater pod concept powered by the WheelBot technology.

Beyond product reveals, the event highlighted Hankook’s commitment to knowledge sharing, featuring a presentation on 3D printing advancements from LG Electronics. These collaborations are central to Hankook’s strategy of strengthening its technology leadership. Since 2012, the company has partnered with world-renowned design universities and technology firms, consistently earning prestigious international design awards and solidifying the premium stature of its global brand.

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Indian tyre maker to pass full benefit of tax cuts to customers from 22 September

CEAT Limited said on Thursday it would reduce prices across its entire tyre range following the Indian government’s decision to cut goods and services tax (GST) rates on tyres, with the full benefit being passed on to customers.

The Mumbai-based tyre manufacturer said new prices would take effect from 22 September, covering commercial, agricultural, passenger vehicle and two-wheeler segments.

India’s 56th GST Council meeting approved significant reductions in tax rates for the tyre industry. GST on new pneumatic tyres was cut to 18% from 28%, whilst tractor tyres and tubes will attract a reduced rate of 5%.

“We thank the Government of India and the GST Council for their timely and progressive decision to rationalise tax rates in the tyre sector,” said Arnab Banerjee, Managing Director & CEO of CEAT Limited.

“The reduced GST slabs will greatly benefit the tyre industry and consumers alike. Not only will it lower the cost of owning and operating a vehicle for customers across various segments, but by making tyres more affordable to replace, it will also make our roads safer.”

Banerjee added the move would “spur formalisation and greater compliance, while also fostering sustainable growth in the sector.”

The GST rate cuts represent a significant policy shift for India’s automotive sector, where high taxation has been a longstanding concern for manufacturers and consumers.

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