Red hot: India’s economy grew at 8.2% in 2Q

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WHAT WE’RE TRACKING TODAY

THIS MORNING: India + US trade agreement to conclude by year-end; E-commerce giants to offer loans

Good morning, friends, and happy Monday to you all. We have a light issue for you this morning led by India’s roaring GDP growth, signaling the country’s ability to weather the global trade storm thanks to both strong growth momentum and the ongoing reform cycle.

And the central bank looks set to lend a helping hand: It’s withdrawing or consolidating as many as 9.4k old regulatory circulars in favor of 244 so-called “master directions” that aim to make it easier for banks (and everyone else) to do business.

The IMF is taking notice: India got a clean bill of health as so-called Article IV consultations wrapped last week, projecting 6.6% growth for FY2025-2026 The fund is explicitly baking-in a baseline of “prolonged 50% US tariffs.” With inflation cooling thanks to GST reforms and benign food prices, the Fund suggests the RBI may even have room to ease policy if those tariffs persist. The catch: Fiscal discipline remains the watchword, and the leap to “advanced economy” status hinges on structural reforms — getting more women into the workforce, tightening up labor markets, and investing in R&D and innovation, the IMF said in a statement.

ALSO THIS MORNING- India and the US are eyeing a trade agreement by year-end, if all goes well. Avaada Group says it will invest INR 1 tn (USD 11.2 bn) in the green energy sector. Adani is planning a USD 5 bn investment in AI infrastructure owned by Google.

AND- E-commerce giants are set to challenge banks on their turf. The IT sector, however, may have to wait until 2027 for recovery.

^^ We have all of that and more, below.

MEANWHILE- It’s quiet in the GCC this morning as the UAE observes a four-day weekend in honor of its national day. Folks across the Emirates will be back to work on Wednesday, 3 December.

Have your eye on opportunities in Saudi Arabia? Riyadh is the place to be, EnterpriseAM Saudi reports this morning:

Gigaproject spending is pivoting to Riyadh as spending on Neom and The Line slows. But at USD 1.65 tn, the project pipeline in Saudi still remains nearly equal to the rest of the region combined.
Analysts see the Saudi economy growing c. 5% in 2026 and consumer sentiment remained high in November, signaling continued optimism.

HAPPENING TODAY-

The winter session of parliament kicks off today and concludes on Friday, 19 December in New Delhi. Lawmakers will take up 19 bills during the session, including key business-friendly reforms on which we had the rundown last week.

WATCH THIS SPACE-

#1- India and the US are looking to finalize a trade agreement by year-end, Economic Times reports, citing Commerce Secretary Rajesh Agarwal. The two countries have resolved most issues and can settle remaining gaps at the political level, he said, as India awaits Washington’s formal response on the first phase of the trade package.

Tariffs are also on the table: Parallel negotiations are ongoing to unwind tariffs imposed under the Trump administration, including 25% duties and a further 25% levy linked to Russian crude purchases. New Delhi is seeking lower tariffs for textiles, leather, gems and jewelry, plastics, chemicals, shrimps, oilseeds, grapes, and bananas, while Washington reportedly wants concessions on industrial goods, EVs, petrochemicals, wines, dairy, and genetically modified crops.

#2- Amazon + Flipkart are coming for India’s banks: E-commerce giants Amazon and Walmart-backed Flipkart are preparing to offer direct loans to small businesses and consumers in a move that challenges the country’s traditional lenders, Reuters reports.

The details: After acquiring Bengaluru-based non-bank lender Axio earlier this year, Amazon is now pivoting the unit to offer credit and liquidity management solutions to small businesses. Flipkart registered its own lending arm — Flipkart Finance — in March and is awaiting final approval from the Reserve Bank of India. The Walmart subsidiary will offer buy now, pay later services to its customers.

Why now? The expansion follows a regulatory green light from the RBI earlier this year allowing foreign-backed tech firms to lend directly to customers through wholly-owned units.

#3- Indian conglomerate Adani Group plans to invest as much as USD 5 bn in Google’s upcoming AI infrastructure hub in southern India, Bloomberg reports, quoting CFO Jugeshinder Singh. The investment, still being finalized, builds on a partnership announced last month between Adani Enterprises — via joint venture AdaniConneX — and Google parent company Alphabet Inc.

#4- Tokyo-based Sumitomo Mitsui Financial Group (SMFG) is looking to expand its lending and staff size in India after deploying roughly USD 5 bn over the last four years to secure positions in fast-growing financial segments, Bloomberg reports. The Japanese lender has assembled stakes across retail and wholesale platforms, including a controlling interest in Fullerton India (now SMFG India Credit) and a 20% holding in Yes Bank in September.

India’s commercial banking industry is the “last missing piece” in SMFG’s “multi-franchise” strategy across Asia, India division head Rajeev Kannan told the news outlet. The bank is investing in operational capacity with a new global capability center in Chennai. It’s also targeting growth in financing for infrastructure projects and has appetite to lend to private equity firms for acquisitions and leverage.

Context: SMFG’s push comes as the institution faces sharp global competition from banks like FAB and HSBC — and as Emirates NBD pushes into the Indian market.

REMEMBER- Last year, Emirates NBD and a Sumitomo subsidiary were in the race to acquire a majority stake in Yes Bank from India’s largest lender, State Bank of India. The agreement later fell through.

#5- Gift City mulls longer tax holiday for jet lessors: India is considering extending its tax holiday for aircraft-leasing firms operating in Gujarat International Finance Tec-City (Gift City) to 15 years, up from the current 10, Bloomberg reports. The extension is expected to appear in February’s budget proposals and aims to attract a larger share of the USD 187 bn global aircraft-leasing industry, currently dominated by Ireland.

Gift City is home to 33 aircraft lessors, collectively leasing over 60 aircraft and a similar number of engines as of 31 January, according to a KPMG report (pdf).

Growth outlook: India’s commercial aircraft-leasing market was valued at INR 392 bn (USD 4.7 bn) in 2023 and is expanding at 11.8% annually, according to Cognitive Market Research.

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DATA POINTS-

#1-India clinched the 38th spot among 139 economies on the Global Innovation Index (GII) 2025, climbing from 81 in 2015, according to the World Intellectual Property Organization’s latest GII report (pdf). This is the country’s strongest ranking yet as it leads both the Central and Southern Asia region and the lower-middle-income group. Bengaluru was India’s top-ranked innovation cluster, coming in at 21 among global peers, followed by Delhi at 26.

#2- India’s food-services market is forecast to exceed USD 125 bn by 2030, with the organized segment projected to grow at twice the pace of the unorganized sector, Business Standard reports, citing Swiggy’s How India Eats report.

THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global business press, with no single story dominating the headlines. Here’s what you need to know:

Israeli Prime Minister Benjamin Netanyahu wants a presidential pardon in his ongoing corruption trial, citing the “public interest” in ending the case. (Reuters)
OpenAI’s lead is under pressure as rivals including Google and Anthropic start to close the gap. (Financial Times)
OPEC+ plans to pause output hikes in 1Q 2026 amid growing signs there’s surplus oil in global markets. (Bloomberg)

And India’s “biggest labor law shake-up in decades” is getting the front-page treatment in the Financial Times in a piece largely anchored in the concerns of labor leaders and small businesses. Check out our rundown for more.

India posts 8.2% real GDP growth as consumer demand, factory output lift 2Q results

India’s economy expanded 8.2% y-o-y in July-September, beating all major forecasts and rising from 7.8% the previous quarter, according to a government statement. The lion’s share of the upturn in 2Q was driven by private consumer spending — nearly 57% of GDP — which grew 7.9%, supported by tax cuts on mass-consumption goods implemented in late September this year.

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Manufacturing output climbed 9.1%, versus 7.7% in the previous quarter. Construction cooled to 7.2% from 7.6% in 1Q, still strong but losing pace. Capex momentum continued despite global trade turbulence and the US doubling punitive tariffs on Indian exports to 50% in August.

Government spending was the only segment that actually fell, contracting 2.7% y-o-y and reversing 7.4% expansion in 1Q — the sharpest drag on India’s GDP. However, authorities expect firm demand, stable public investment, and easing inflation to support growth into FY 2026. Retail inflation fell to a record 0.25% in October, raising the likelihood of a rate cut at the Reserve Bank of India’s upcoming December review.

Sectors driving growth beyond consumption and manufacturing include:

The secondary sector, which climbed 8.1%, as well as the tertiary sector which rose 9.2%, jointly lifting 1H GDP to 8.0%;
Financial, real estate, and professional services grew 10.2% y-o-y, one of the strongest contributors in the services economy;
Agriculture and allied activities rose 3.5%, providing baseline stability despite erratic weather conditions;
Information and communication services expanded 5.3% in 1H and 7.4% in 2Q;
Electricity, gas, water supply, and utilities went up 4.4%, moderating but still supportive.

Beyond the fine print: India’s macro picture suggests the economy is leaning more heavily on domestic engines to fight off external volatility, as robust consumption and manufacturing mask weak exports and a dip in public spending. October’s record-low inflation could allow policymakers rare room to ease rates just as US tariffs and a weakening INR tighten external outcomes.

The next pivot: India’s growth streak now depends on whether strong domestic demand can keep outweighing surmounting trade pressure as government support cools.

BACKGROUND- While a Reuters poll had forecast 7.3% expansion for the quarter, State Bank of India was bullish, projecting 7.5% real GDP growth for 2Q of FY 2026 on strengthening investment, recovering rural demand, and resilient services and manufacturing.

India’s central bank is binning 9.4k regulatory circulars in a bid to make it easier to do business

The Reserve Bank of India (RBI) has issued 244 “master directions,” withdrawing or consolidating nearly 9.4k legacy circulars to facilitate compliance and improve regulatory clarity across the financial sector, the central bank said in a statement. All new master guidelines have been published on the RBI website — you can check them out here.

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What changed: The central bank consolidated some 3.5k regulatory circulars and guidelines — overseen by RBI’s Department of Regulation — into master directions while repealing some 5.6k obsolete circulars. The new framework applies to 11 regulated entity categories, including commercial banks, small finance banks, payments banks, local area banks, regional rural banks, urban and rural cooperative banks, non-banking financial companies, all-India financial institutions, asset reconstruction companies, and credit-information companies.

Why it matters: Deputy Governor Shirish Chandra Murmu said the restructuring is aimed at improving regulatory instructions’ accessibility and consistency while simplifying navigation for regulated entities. The central bank reviewed over 770 stakeholder submissions before finalizing the framework. The update follows RBI’s efforts to standardize regulatory formulation processes and support operational ease in India’s financial system.

IT sector on track for recovery by FY 2027 as AI monetization picks up, says Nomura

India’s IT sector is likely to see a gradual recovery by FY 2027, driven by improving enterprise tech spending and growing monetization of AI use cases, Business Standard reports, citing research by Nomura, the Tokyo-based financial services giant. The firm expects aggregate revenue growth of around 2.9% in FY 2026 and 4.5% in FY 2027 for the large-cap IT firms under its coverage.

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Nomura expects operating margins to expand by 30 basis points (bps) for large caps and 50 bps for mid-caps as growth improves in 2026-27. Mid-cap IT firms have outperformed large caps over the past two years and are expected to maintain stronger growth momentum into FY 2027.

AI monetization: The sector’s slowdown is driven by soft discretionary spending, delayed transformation programs, and pricing pressure from early-stage AI deflation. Nomura expects meaningful revenue monetization from AI within 12-18 months, supported by spending on cloud, data, and workflow modernization.

Valuation view: Revenue patterns projected for 2026 mirror FY 2025, with improvement expected to build into FY 2027 as demand gradually recovers and agreement pipelines strengthen, Nomura said.

IN CONTEXT- India’s digital economy was valued at INR 28.94 tn (USD 368 bn) in 2022-23, about 11.74% of national income, according to a 2025 report by the Electronics and Information Technology Ministry. A forecast by Gartner sees India’s total IT spending reaching INR 14.28 tn (USD 160 bn) this year, driven by expanding investments in software, cloud, data, and gen-AI technologies.

Avaada to invest INR 1 tn to expand renewables capacity by 2030

Mumbai-based green energy major Avaada Group will invest INR 1 tn (USD 11.21 bn) over the next five years to lift renewable capacity to 30 GW and expand its manufacturing footprint, Economic Times reports, citing Chairman Vineet Mittal. With 6.10 GW currently operational and nearly 10 GW under construction, the company plans to add 4-5 GW annually at an outlay of USD 2.24 bn each year.

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Funding will come from equity, debt, and the reinvestment of retained profits. Avaada has previously raised USD 1.18 bn from PTT Thailand, Brookfield Renewable, and Asian Development Bank.

Infrastructure hurdles: Execution is more constrained by the readiness of the electricity grid than by the availability of capital, Mittal said, though states such as Maharashtra and Gujarat align with central connectivity norms and support the timeline. Avaada’s solar and wind business remains lucrative, aided by growing cashflows from Avaada Electro, and the group is planning for a USD 1.1 bn IPO in 2026.

Greening ambitions: The group is building a 1.2k ton-per-day solar glass plant alongside its Nagpur cell and module facilities to cut logistics costs — and plans to add 10k employees as manufacturing and asset-management operations scale. Mittal expects Avaada to reach its 30 GW target (80% solar, 20% wind) backed by its vertically integrated cell-to-module, wafer, and glass ecosystem.

Temasek Holdings backs IPO-bound Quest Global

IN OTHER RENEWABLES NEWS- Singapore state investor Temasek Holdings is in advanced talks to acquire a stake in engineering services firm Quest Global in a transaction that would value the company at USD 4.6 bn, Bloomberg reports. Temasek is planning to pick up roughly 5% of the company in a pre-IPO round.

The IPO plan: Quest Global is preparing to list in India, joining a wave of firms tapping the country’s hot capital markets. The Singapore-headquartered firm, which services clients in aerospace, defense, and semiconductors, is shifting its domicile to India to facilitate the listing, according to Economic Times.

Temasek taps ex-DBS CEO Piyush Gupta for India chair role

Speaking of Temasek: Piyush Gupta (Linkedin) will take over as chairman of Singapore-based Temasek International’s India operations from 1 December in a non-executive role focused on investment strategy, Bloomberg reports. Gupta, former CEO of DBS Group Holdings, led the bank for 15 years, overseeing strong revenue and share-price growth that helped lift Temasek Holdings’ net portfolio value to USD 335 bn. He also held various roles at Citi Bank across Asia, with a stint as CEO of Southeast Asia-Pacific.

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Five Indian startups selected for UAE-backed soft-landing package

Five Indian startups will join the India-UAE CEPA Council’s Start-Up Series, securing a fully sponsored soft-landing package in the UAE, according to a press release (pdf). The five finalists were shortlisted from more than 10k applications in a finale held on 24-25 November in New Delhi.

Who’s in?

Bioreform, selected by Ras Al Khaimah Economic Zone, is a Hyderabad-based packaging firm developing biodegradable and compostable substitutes for single-use plastics using a proprietary biopolymer formulation;
Data Sutram, selected by Emirates NBD, is a Kolkata-based regtech and analytics platform that integrates 250+ data sources to generate real-time insights for fraud monitoring, underwriting, and customer risk assessment;
DocketRun, selected by DP World, is a Hubballi-based industrial safety software provider that applies edge AI and computer-vision tools to detect and prevent workplace safety incidents;
Endimension, selected by Hub71, is a Mumbai-based AI radiology platform supporting more than 800 hospitals and diagnostic centers to improve the speed and accuracy of x-ray, CT, and MRI interpretation;
SBNRI, selected by First Abu Dhabi Bank, is a Gurugram-based fintech platform for NRIs that offers a unified digital interface for banking, investments, and global tax management.

Support package: The UAE firms will support their respective selected startup with incubation, business setup, trade-license facilitation, and market-entry guidance while HUB71 is offering access to its Immersion Program.

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Haier seeks regulatory approval for INR 10 bn funding

Haier wants to grow in India: Haier India, the Indian arm of China-based appliance maker Haier, filed a Press Note 3 application with the Promotion of Industry and Internal Trade Department to secure an INR 10 bn (USD 120 mn) capital infusion from its parent Haier Singapore Investment Holding, Economic Times reports. Press Note 3 is a special regulatory approval needed for foreign direct investments from neighboring countries — including China — into India after the government imposed a virtual ban in 2020.

The funding is expected to support a third manufacturing plant in southern India, joining Haier’s existing facilities in Greater Noida and Pune. Haier is also in advanced talks with Bharti Group to sell a 49% stake in its Indian arm, with the Chinese parent projected to retain 49% and 2% earmarked for employees.

Telcos push back against disclosure fines

Indian telecom operators are pushing back on a new Telecom Regulatory Authority of India (TRAI) proposal that would impose penalties of up to 1% of a company’s annual turnover for submitting incorrect or incomplete financial filings, Mint reports. The government relies on these filings to calculate license fees and spectrum usage charges, but telcos argue that turnover-based penalties are too harsh for minor or unintentional errors.

What they said: The Cellular Operators Association of India, which represents Airtel, Jio, and Vodafone Idea said the draft rules conflict with broader policy goals of simplifying compliance. India’s largest telco, Jio, has called the 1% turnover penalty ultra vires, while operators say TRAI should issue warnings for first-time lapses.

Gold bulls see more upside as central bank buying hits new records

Gold is back in the spotlight as institutional investors turn increasingly bullish on the precious metal, driven by a rare alignment of macro forces — Fed rate-cut expectations, record central-bank accumulation, and deepening uncertainty across risk assets, according to a new Goldman Sachs poll conducted on its Marquee platform. Nearly 70% of respondents in the poll — which surveyed more than 900 institutional clients — expect gold prices to rise further by the end of 2026, with 36% betting on prices above USD 5k per ounce next year.

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Respondents identified central-bank purchases and fiscal concerns as the two biggest drivers of gold’s 2026 outlook. The most common view: official-sector buying will keep gold supported even if US growth slows. In parallel, Goldman’s co-head of global commodities research, Daan Struyven, told Bloomberg TV last week that the bank sees “nearly 20% additional upside by the end of 2026,” forecasting USD 4.9k per ounce by next year (watch, runtime: 2:10). The key drivers, he said, are “structurally higher central bank purchases” since 2022 and renewed “inflows into gold ETFs once the Fed begins cutting rates.”

That doesn't seem to be just a speculative trade, as the surge in the precious metal prices is being underpinned by record official sector demand. The World Gold Council’s (WGC) Central Bank Gold Reserves Survey 2025 shows the biggest official-sector buying spree in more than 70 years. Central banks bought 1.1k tons of gold in 2022 — the most since the WGC began tracking reserves in 1950 — and stayed above 1k tons in 2023. The momentum has continued, with around 450-500 tons of central lenders’ gold purchases in the first half of 2024 alone.

The shift is structural, not cyclical. Some 81% of central banks now expect global gold reserves to rise further, while nearly one-third expect the USD’s reserve share to decline. The motivations are consistent — store-of-value appeal, crisis resilience, and de-dollarization — with China, India, Turkey, Singapore, and Poland among the most active buyers.

Rate-cut expectations are adding fuel to the rally, with traders now seeing an 86.4% chance of a Fed cut in December, according to CME Group's FedWatch tool. That matters because lower US rates reduce the opportunity cost of holding gold — a non-yielding asset — and typically pull new buyers into ETFs.

Spot prices are already responding, with gold hitting a two-week high of USD 4.2k on Friday and is on track for a 3.6% weekly gain and a 5.2% rise this month. Futures also climbed, with the February contract settling at USD 4.2k per ounce.

High prices have slowed physical buying in India and China, where demand is typically strongest heading into year-end. But analysts say macro drivers — rate expectations, central bank flows, geopolitical hedging — matter far more right now. As long as the Fed is moving toward an easing cycle and sovereign buyers stay active, institutional investors expect the gold rally to extend into next year.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei and the Kospi are both down, while the Shanghai Composite and the Hang Seng are in the green.

ADX	9,747	+0.4% (YTD: +3.5%)
DFM	5,837	+0.4% (YTD: +13.2%)
Tadawul	10,591	-0.5% (YTD: -12.0%)
EGX30	40,753	+1.8% (YTD: +37.0%)
Boursa Kuwait	8,317	+0.5% (YTD: 20.4%)
QSE	10,615	-0.3% (YTD: +0.4%)
S&P 500	6,849	+0.5% (YTD: +16.5%)
FTSE 100	9,721	+0.3% (YTD: +18.9%)
Euro Stoxx 50	5,668	+0.3% (YTD: +15.8%)
Brent crude	USD 63.03	+1.0%
Natural gas (Nymex)	USD 4.82	-0.6%
Gold	USD 4,267	+0.3%
BTC	USD 88,564	-2.7% (YTD: -5.1%)

THE OPENING BELL-

The S&P BSE Sensex opened in Green reaching 86,018 in early trading, up 0.3%. The index is up 9.5% YTD.

Over on the NIFTY 50, the index also opened in Green reaching 26,284 in the morning trade, up 0.3%. The index is up 10.7% YTD.

CALENDAR

DECEMBER

1-19 December (Monday-Friday): Winter Session of Indian Parliament, New Delhi.

2 December (Tuesday): National Manufacturing Summit, New Delhi.

3-7 December (Wednesday-Sunday): ENGIMACH Automation & Manufacturing Technology Expo, Helipad Exhibition Center (Gandhinagar), Gujarat.

4-5 December (Monday-Tuesday): India-Russia Bilateral Summit (Russian President Vladimir Putin’s India Visit), New Delhi.

8-9 December (Monday-Tuesday): Telangana Rising 2047, Hyderabad, Telangana.

11 December (Thursday), FICCI Commercial Real Estate Conclave, Taj MG Road, Bengaluru.

2026

JANUARY

1 January (Thursday): India assumes the Presidency of Brics.

19-20 January (Monday-Tuesday): International Crop Science Conference and Exhibition, Le Méridien Conference Center, Dubai.

26 January (Monday): Republic Day.

27 January (Tuesday): India-EU Summit (to potentially finalize FTA), New Delhi.

27-30 January (Tuesday-Friday): India Energy Week, ONGC Advanced Training Institute, Goa.

30 January-1 February (Friday-Sunday): India Agri Expo, Ludhiana Exhibition Center, Punjab.

31 January (Saturday): Commencement of Budget Session 2026, Parliament of India, New Delhi.

FEBRUARY

1 February (Sunday): Union Budget 2026-27, Parliament of India, New Delhi.

3-6 February (Tuesday-Friday): ChemTech World Expo, Jio World Convention Center, Mumbai.

9-10 February (Monday-Tuesday): Pune International Business Summit (PIBS), SL Kirloskar Convention Center, JW Marriott, Pune.

14-18 February (Saturday-Wednesday): IHGF Delhi Fair (Spring), New Delhi.

19-20 February (Thursday-Friday): India-AI Impact Summit, Bharat Mandapam, New Delhi.

25 February (Wednesday): World Sustainable Development Summit, Taj Palace, New Delhi.

MARCH

4 March (Wednesday): Holi.

12 March (Thursday): ET Entrepreneur Summit & Awards, Bengaluru.

19-22 March (Thursday-Sunday): Bharat Urja Manthan - Global Energy Conclave, New Delhi.

20 March (Friday): Eid Al Fitr.

23-25 March (Monday-Wednesday): Indiasoft: International IT Exhibition & Conference, New Delhi.

23-25 March (Monday-Wednesday): Smart Cities Expo, Bharat Mandapam, New Delhi.

23-25 March (Monday-Wednesday): PlastiWorld India, Jio World Convention Center, Mumbai.

31 March (Tuesday): Mahavir Jayanti.

Signposted to happen sometime in March 2026

Election Commission of India is expected to announce polling dates for elections in the states of Tamil Nadu, Kerala, West Bengal, Assam, and the union territory Puducherry.

APRIL

3 April (Friday): Good Friday.

23-25 April (Thursday-Saturday): Rail & Metro Technology Conclave, Bharat Mandapam, New Delhi.

29 April-2 May (Wednesday-Saturday): Bharat Buildcon, Yashobhoomi, Dwarka, Delhi.

7-10 April (Tuesday-Friday), India Rubber Expo, ITPO, Pragati Maidan, Delhi.

MAY

1 May (Friday): Buddha Purnima.

26 May (Tuesday): Eid Al Adha.

JUNE

24-25 June (Wednesday-Thursday): India Homeland Security Expo, Bharat Mandapam, Pragati Maidan, New Delhi.

26 June (Friday): Muharram.

Signposted to happen sometime in 1H 2026:

Signing of India-Qatar Freetrade Agreement (details yet to be announced);
India-EU Trade and Technology Council Ministerial Meeting, Brussels, Belgium.

AUGUST

15 August (Saturday): Independence Day.

26 August (Wednesday): Prophet Mohammad’s Birthday.

OCTOBER

2 October (Friday): Gandhi Jayanti (Mahatma Gandhi’s birthday).

20 October (Tuesday): Dussehra.

NOVEMBER

24 November (Tuesday): Guru Nanak Jayanti.

DECEMBER

8-11 December (Tuesday-Thursday), Expand North Star, Dubai.

25 December (Friday): Christmas Day.

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