NEW DELHI (CU)_In the month of May, India was experiencing one of the worst COVID-91 outbreaks in the world, as the South Asian nation reported an average of nearly 400,000 daily infections. The situation prompted nation-wide lockdown restrictions which led to a noteworthy downturn in economic activity. However, since then, the situation has improved and an Indian multinational tyre manufacturer says demand had bounced back strongly across product categories following the easing of pandemic-induced restrictions.
“In terms of the demand environment, we saw maximum impact of COVID second wave and the lockdowns in the month of May, and since then, we have witnessed a steady demand recovery,” the chairman of Apollo Tyres, Onkar Kanwar told The Economic Times. “The demand is coming back strongly across product categories. The truck OEM demand are the slowest to pick up, which is expected to take another quarter to speed up.”
Therefore, considering these factors, the Gurugram-based manufacturer has decided…
