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More Funds For Mentoring 

Mayor Sadiq Khan’s Violence Reduction Unit (VRU) invests £2.3 million to expand mentoring in pupil referral unit. New funding means mentoring programme will feature in schools in all 32 London boroughs for the first time …reports Asian Lite News

Mayor Sadiq Khan has announced a significant expansion of the city’s Violence Reduction Unit (VRU) mentoring programme, investing £2.3 million to provide dedicated mentoring support in pupil referral units (PRUs) and alternative provision settings across all 32 London boroughs. 

This initiative, aimed at young people vulnerable to exploitation and violence, will build on the success of previous years, during which the mentoring programme supported more than 1,500 young people in 22 boroughs between September 2022 and July 2024. Evidence from the programme shows that 82% of PRUs reported improved attendance among mentored students, while 86% saw a reduction in behavioural incidents. 

The new investment will extend support to an additional 2,200 young people aged 11–18 who are excluded or at risk of exclusion from mainstream education. The VRU’s mentoring programme emphasizes re-engagement with education, fostering safer environments and offering critical support to help students stay away from violence and crime. 

The mentoring programme forms a cornerstone of the Mayor’s strategy to tackle violence and improve outcomes for young Londoners. It complements the London Inclusion Charter, launched in February 2024 to address the challenges of school suspensions, exclusions, and persistent absenteeism. With nearly all boroughs and 20 national charities signed up, the Charter is now implemented in over 500 schools, benefitting 94,000 students. 

Since the creation of the VRU in 2019, London has witnessed a 23% reduction in homicides and significant decreases in knife and gun crime involving young people. The VRU’s initiatives have offered over 350,000 positive opportunities for youth development, steering young Londoners away from crime and toward meaningful futures. 

At Orchardside School in Enfield, the Mayor joined VRU director Lib Peck to observe the mentoring programme in action. The visit highlighted the transformational impact mentors have on the lives of young people. 

Sadiq Khan shared, “I am committed to investing in young people and giving them the opportunity to thrive in our great city. Education plays a vital role in keeping young people safe, and mentors are key to helping them overcome barriers, improve mental health, and embrace opportunities.” 

Lib Peck echoed the sentiment, emphasizing that education often provides the platform for young people to reconnect with society. She noted, “The role of a trusted mentor in a young person’s life cannot be overstated. The expansion of this programme across London will ensure more young people receive the support they need to succeed.” 

J Grange was excluded from school and went to a pupil referral unit. He is now a member of the VRU’s Young People’s Action Group. 

He said: “My school experience was challenging. I faced permanent exclusions from two mainstream schools and often felt misunderstood. However, attending a PRU changed everything for me. The environment there, where teachers truly understood and supported me and allowed me to thrive. 

“It became a major turning point in my life and set the foundation for my achievements as an internationally recognised public speaker and neurodiversity advocate. It’s also led to incredible opportunities, such as being involved with the Mayor of London’s Violence Reduction Unit. 

“Through my work with the VRU, I’ve visited many PRUs across London, engaging with young people about the transformative power of mentoring. It’s inspiring to see how this initiative is helping young people realise their potential and giving them opportunity to thrive.” 

Through continued investment in youth initiatives, the Mayor aims to build a safer, more inclusive London. With the expansion of the mentoring programme, the VRU is not only addressing violence but also empowering young people to achieve brighter, violence-free futures. 

This commitment exemplifies the transformative potential of mentorship and education in shaping the lives of young Londoners. 

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India Can’t Be Ignored 

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The inclusion in June 2024 of Indian government bonds into the J.P. Morgan Global Bond Index-Emerging Markets indices for the first time also sets the stage for billions of dollars more to flow into India, according to the panel experts….reports Asian Lite News

India has become a market that you can’t ignore, pushed on by government reforms and a booming tech industry, top industry experts have said.  

Speaking at a recent seminar hosted by The Asset in association with Deutsche Bank on the Asia investment opportunity and the post-trade response, they said that five years ago, India’s weighting on the Emerging Market index was 9 per cent.  

“It is now over 20 per cent. It is a growth story with a lot of structural positives – and a lot of positive stories around penetration in various product categories,” said a participant.  

As per the MSCI EM Index, the top 5 countries account for nearly 80 per cent of the weightage in the MSCI Emerging Market Index. India has gone from strength to strength in recent years. The inclusion in June 2024 of Indian government bonds into the J.P. Morgan Global Bond Index-Emerging Markets indices for the first time also sets the stage for billions of dollars more to flow into India, according to the panel experts.  

Moreover, global brokerage CLSA has just shifted its “tactical allocation” to India from China, citing growing concerns over Beijing’s economy and investor sentiment after the US presidential election. “US yields and inflation expectations sap scope for the Fed and, thus, The People’s Bank of China (PBOC) to ease. We are anxious that these concerns lead to a buyers’ strike by offshore investors who built China exposure post the initial PBOC stimulus in September. We therefore reverse our tactical allocation in early October, returning to a benchmark on China and a 20 per cent overweight on India,” CLSA said in its note.  

“We now reverse that trade. Both MSCI China and India have corrected by 10 per cent in US dollar terms over the duration so we did not lose on making the switch,” it added.  

India’s inclusion in the prestigious FTSE Russell’s Emerging Market government bond index in September next year has also been lauded by the industry.  

FTSE Russell announced that it will add India’s sovereign bonds to its Emerging Markets Government Bond Index (EMGBI) in September 2025. India’s debt will be included in FTSE’s 4.7 trillion dollar Emerging Markets bond index, with the inclusion happening over a six-month period. It will carry a final weightage of 9.35 per cent, which is second only to China in the index. The country has also become the sixth-largest market in the MSCI All Country World Investable Market Index (ACWI IMI), surpassing China. The global index tracks capital market performance across the world.  

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China Economy India News

India Leaves China Behind 

India’s real equity returns averaged +6.9% annually since 2000, outperforming China’s modest +4.0% despite China’s robust economic growth….reports Asian Lite News

Indian equity markets have delivered stronger returns compared to China’s equity markets since 2000, highlighted a report by Deutsche Bank 

The report noted that while China has experienced robust economic growth, its equity market performance has been relatively modest, with real returns averaging +4.0 per cent per annum since 2000. In contrast, India has emerged as a leader among both emerging and developed markets, offering one of the highest real equity returns of +6.9 per cent per annum over the same period. 

It said “India has one of the highest real equity returns (+6.9% p.a.) of the main EM and DM countries in the 2000- 2024 QC” 

The report also highlighted that, as of 2024, India and the U.S. are among the few markets trading close to record-high CAPE (Cyclically Adjusted Price-to-Earnings) ratios. This metric, which measures earnings over a 10-year period, smooths out cyclical variations but may not fully account for structural changes in market dynamics. 

It stated that at the turn of the millennium, the U.S. S&P 500’s CAPE ratio reached unprecedented levels before dipping in the early years of the 21st century now it has climbed back to heights only exceeded briefly in the last century. 

The report also argues that tech dominance, artificial intelligence (AI) advancements, and structural shifts in earnings expectations justify these elevated valuations for the U.S. 

It said “The bulls would argue that tech dominance and AI hopes offer the US that structural shift, and perhaps India’s outlook is so positive that investors are prepared to pay up for the potential growth”. 

It suggested that India’s positive growth outlook and its potential as a key player in global markets also explain why investors are willing to pay a premium. 

Heading into the new quarter-century (2025-2049), the report added that India and the U.S. begin on a high note but remain expensive compared to markets with more normalized valuations. This positions them as markets to watch, with their growth trajectories closely tied to investor confidence in their structural strengths and future prospects. 

Deal Volume Up 12%

India saw 11.9 per cent increase in deal volume (year-on-year) in the January-October period, bucking the overall trend in the Asia-Pacific region, a new report has said.

On the other hand, China experienced YoY decline in deal volume by 22.9 per cent during the period, according to GlobalData, a leading data and analytics company.

A total of 11,808 deals (mergers and acquisitions, private equity and venture financing deals) were announced in the Asia-Pacific (APAC) region during January to October 2024, which was a year-on-year (YoY) decline of 4.8 per cent, compared to the 12,406 deals announced during the same period in 2023.

An analysis revealed that during January-October, the number of private equity and venture financing deals declined by 16.3 per cent and 10 per cent, respectively. Meanwhile, the M&A deals volume experienced a marginal YoY improvement during the review period.

According to Aurojyoti Bose, lead analyst at GlobalData, the decline in deal activity in APAC was in line with the global trend wherein all the regions experienced fall in deal volume.

However, the APAC region showcased relatively better performance and experienced only single digit decline whereas most of the other regions experienced double-digit declines, Bose mentioned.

“This could be attributed to the improvement in deal activity experienced in some of the APAC countries, like India,” the report said, adding that this has helped in minimising the impact of decline experienced in other countries within the region.

Meanwhile, Singapore, Malaysia, Hong Kong and Indonesia experienced YoY decline in deal volume by 17.6 per cent, 14.4 per cent, 13.9 per cent and 33 per cent, respectively, during the review period.

According to another report that came out in October, the mergers and acquisitions deal activity in value in India surged 66 per cent in the first nine months this year, outpacing 10 per cent growth globally and 5 per cent decrease in the Asia-Pacific region overall.

The M&A activity in India has been strong in 2024, bucking the trend in the other Asia-Pacific markets, according to a global report from Boston Consulting Group (BCG).

“This highlights India’s unique resilience and appeal. Sectors like technology, media, industrials and healthcare have been key drivers of large deals, capitalising on the ‘Make in India’ initiative,” said Dhruv Shah, Managing Director and Partner, BCG.

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India’s Economy Hits Sweet Spot: Moody’s

The global ratings agency has forecast 7.2 per cent growth for calendar year 2024, followed by 6.6 per cent in 2025, and 6.5 per cent in 2026…reports Asian Lite News

India’s economy is in a “sweet spot” with strong growth and inflation expected to ease in the coming months, according to Moody’s Global Macro Outlook report released on Friday.

The global ratings agency has forecast 7.2 per cent growth for calendar year 2024, followed by 6.6 per cent in 2025, and 6.5 per cent in 2026.

It also expects the Indian economy to maintain its steady momentum in the July-September quarter after clocking a 6.7 per cent growth rate in the April-June quarter.

“High-frequency indicators – including expanding manufacturing and services PMIs, robust credit growth and consumer optimism – signal steady economic momentum in Q3,” Moody’s Ratings said.

“Household consumption is poised to grow, fuelled by increased spending during the ongoing festive season and a sustained pickup in rural demand on the back of an improved agricultural outlook,” the report states.

“India’s (Baa3 stable) economy is growing robustly and has the potential to sustain high growth rates as strong private sector financial health reinforces a virtuous economic cycle,” it said.

Private investment is likely to be supported by increasing capacity utilization, strong business sentiment, and the government’s infrastructure investments, the report added.

Moody’s also highlighted that India’s solid economic fundamentals, like healthy corporate and bank balance sheets, a resilient external position, and robust foreign exchange reserves, bolster the outlook. The report also predicts a decline in the inflation rates in the months ahead.

“Despite the near-term uptick, inflation should moderate toward the RBI’s target in the coming months as food prices ease amid higher sowing and adequate foodgrain buffer stocks,” the report said.

India’s inflation surged to a 14-month high of 6.2 per cent in October, crossing the upper limit of the RBI’s 2-6 per cent band, driven by higher food prices and the late withdrawal of the monsoon caused extensive damage to vegetable crops such as potatoes and onions. This has killed hopes of a rate cut by the RBI to accelerate economic growth as the central bank has made it clear that it will reduce the policy rate only if inflation comes down to 4 per cent on a durable basis.

“Although the central bank shifted its monetary policy stance to neutral while keeping the repo rate steady at 6.5 per cent in October, it will likely retain relatively tight monetary policy settings into next year given the fairly healthy growth dynamics and inflation risks,” the Moody’s report states.

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India Tops Insurance Growth Charts  

A growing middle class, greater awareness, rising healthcare costs, and supportive regulations have combined to offer high growth for India’s insurance industry over the last few years…reports Asian Lite News 

India’s insurance sector clocked a robust 11 per cent compound annual growth rate to cross the $130 billion mark during FY2020-23, surpassing Asian peers China and Thailand, which grew at less than 5 per cent, according to a McKinsey report.  

The report. titled ‘Steering Indian Insurance from Growth to Value in the Upcoming Techade’, said that while the country’s life insurance industry grew to $107 billion as of 2023, the general insurance industry touched $35.2 billion. 

A growing middle class, greater awareness, rising healthcare costs, and supportive regulations have combined to offer high growth for India’s insurance industry over the last few years, the report added. 

However, there is immense growth potential as a significant portion of the Indian population and insurable assets remain uninsured, increasing the risks of high out-of-pocket expenses, adding to the overall economic strain, and undermining the industry’s ability to bring full benefit to society. 

Affordable private health insurance coverage could also reduce the strain on government healthcare, potentially freeing government funds to improve healthcare infrastructure, the report pointed out. 

The McKinsey report also highlights that insurers’ ability to drive value has been impeded by challenges, including the inability to generate sufficient returns and manage operational efficiencies. Despite the regulator’s target of ‘Insurance for All by 2047,’ the industry’s penetration rate has slipped from 4.2 per cent in 2022 to 4 per cent in 2023, indicating that its progress has not been on par with India’s economic growth, the report added. 

According to the McKinsey report, despite a decline in claims ratios, a steady increase in expense ratios among traditional players (until 2023) pushed the combined ratio upwards. “Improvement in leading productivity metrics, such as operating expenses per life or policy, has been negligible over the past two to three years for both life and general insurance companies,” it points out. 

Peeyush Dalmia, Senior Partner, McKinsey & Company, said, “While current growth indicators are promising, the insurance industry has not seen improvement in productivity. Achieving long-term success requires a fundamental transformation in how insurance products are designed, distributed, and serviced.” 

The industry stands at an inflection point, and Insurance companies that successfully implement these changes while ensuring focus on profitability will be well-positioned to capture the significant growth opportunities ahead, he added.

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Bangladesh’s forex reserves slump below $20 billion

The Bangladesh Bank data showed the country’s foreign exchange reserves stood at 19,844 million dollars on October 31…reports Asian Lite News

Bangladesh’s foreign exchange reserves fell below 20 billion US dollars by the end of October 2024, the latest Central Bank data showed.

The Bangladesh Bank data showed the country’s foreign exchange reserves stood at 19,844 million dollars on October 31, according to the International Monetary Fund (IMF) calculation method.

After the payment of the Asian Clearing Union, an arrangement for settling payments for intra-regional transactions among its members last week, the country’s reserves stood at 18.44 billion dollars as of Wednesday.

The Central Bank, however, said gross reserves were 25.50 billion dollars by the end of October. The reserves calculated under the IMF’s balance of payments and investment position manual method were immediately usable, while gross reserves were also usable subject to the realization of investment.

For a growing economy like Bangladesh, forex reserves equivalent to six months’ import bills are considered adequate. With the existing reserves, however, Central Bank officials said Bangladesh is in a position to pay nearly four months’ import bills.

Bangladesh’s gross foreign exchange reserves hit an all-time high of 48 billion dollars in August 2021, Xinhua news agency reported.

In a bid to boost shrinking forex reserves, the Central Bank has taken various measures including incentives to woo more remittances from millions of Bangladeshi people living and working abroad in recent years.

The country’s remittances totaled nearly 9 billion US dollars in the July-October period, official data showed.

Trade fair held in Dhaka

An international trade fair has been held in the Bangladeshi capital Dhaka to help companies from the region showcase products and services, build networks, understand industry trends and foster international trade relations.

The trade fair, which is being held in Dhaka, will end on November 23.

It has offered businesses from the region and beyond a one-stop platform. A total of 288 stalls have been set up at the fair, reports Xinhua news agency.

The exhibition showcased a wide range of products, including machinery, equipment and materials for agriculture and gardening, chemical products and electronic items.

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Navigating Growth 

Why Economic Potential is the Key to Our Future? In this speech, Mr Bailey explores the vital importance of economic growth and its far-reaching implications. He emphasizes that understanding and enhancing potential supply—the maximum output the economy can sustain without sparking inflation—forms the foundation of sustainable growth. With a focus on the UK’s declining productivity and labour supply, Mr Bailey introduces five pressing questions about investment, labour, data measurement, economic openness, and the role of AI. Through these questions, he outlines a roadmap to address supply constraints, foster resilience, and lay the groundwork for long-term prosperity 

Economic growth is often hailed as the foundation of prosperity, but in a landmark address at the Mansion House Financial and Professional Services Dinner, Mr Andre Bailey, Governor of the Bank of England, laid out why the UK’s current trajectory demands urgent attention.  

Speaking to an audience including the Lord Mayor and Chancellor, the address navigated the complexities of economic growth, focusing on the decline in potential supply and offering a blueprint for renewal. 

The speech began by contextualizing the role of potential supply in shaping monetary policy and broader economic health. It was explained that potential supply—the economy’s productive capacity—acts as a “speed limit” on how fast the economy can grow without triggering inflation. This crucial concept impacts not only inflationary pressures but also long-term wealth creation and public policy. However, estimating potential supply remains challenging, requiring a careful assessment of labour supply, productivity, and structural factors such as population changes and innovation. 

A sobering analysis followed, detailing how potential supply growth in the UK has weakened since the financial crisis. From 1990 to 2008, potential supply grew at 2.6% annually, with productivity contributing the lion’s share. Post-crisis, between 2009 and 2019, this rate halved to 1.3%, and by 2020–2023, it plummeted to 0.7%, primarily due to Covid-19 disruptions. The pandemic, while a major shock, was not portrayed as the sole culprit; instead, the lasting impact on labour supply and productivity raises profound questions for the economy’s future. 

Mr Bailey acknowledged that the UK is not alone in facing these challenges, but its situation is more acute compared to the US, which has demonstrated better productivity and investment outcomes. In contrast, the UK lags behind its G7 peers, particularly in business investment—a key driver of productivity and economic resilience. 

From these observations emerged five critical questions that framed the rest of the speech: Why does investment matter, and how can it be increased? Is labour supply an issue? Are we measuring economic inputs accurately? Does economic openness matter? And, finally, could artificial intelligence provide a solution? 

Investment is the backbone of economic growth, and the UK has consistently underperformed in this area. The speaker highlighted how, since the late 1990s, the UK has ranked near the bottom of the G7 in terms of investment as a share of GDP. Public investment, while important, cannot suffice alone; stronger private sector investment is essential. Initiatives such as improved infrastructure and education were praised as foundational, but the speaker emphasized that translating public investment into a substantial boost in potential growth requires a more robust response from businesses. 

The fragmented UK pension system also came under scrutiny. While progress in consolidating pension funds was welcomed, it was stressed that compelling asset managers to invest in the real economy is not a viable solution. Instead, collaboration between government, the financial sector, and industry is needed to channel resources effectively. 

Labour supply, the other pillar of potential supply, faces headwinds from demographic changes. An ageing population is reducing the available workforce, making productivity improvements and investment even more critical. Short-term trends, including workforce participation rates, also pose challenges. Policymakers were urged to integrate economic arguments into broader labour supply debates, ensuring policies are aligned with the country’s growth objectives. 

Turning to measurement, Mr Bailey acknowledged that data limitations hinder economic assessments. For instance, the UK struggles to measure intangibles—such as data and intellectual property—which are increasingly central to the modern economy. The Office for National Statistics (ONS) plans to include data as an asset in GDP calculations, potentially boosting measured GDP by 1–2%. However, this improvement in measurement does not change the underlying issues of low investment and productivity. 

Labour market data also drew criticism, with gaps in participation figures complicating policy decisions. The speaker humorously encouraged better public cooperation with surveys, emphasizing that accurate data is foundational for sound policymaking. 

The address championed economic openness as a driver of productivity, citing historical evidence of its benefits for innovation and specialization. However, the UK’s changing relationship with the EU has weighed on its potential supply.  

While acknowledging the importance of respecting the Brexit decision, Mr Bailey urged policymakers to rebuild trade relations and embrace global opportunities. Geopolitical tensions and global economic fragmentation add complexity, but the case for openness remains strong. 

Finally, artificial intelligence (AI) was presented as a potential game-changer. Described as a “general-purpose technology” akin to the steam engine or electricity, AI could revolutionize productivity across sectors. However, Mr Bailey cautioned against expecting immediate results, citing historical examples where transformative technologies took decades to significantly impact productivity. The key is sustained investment and experimentation to unlock AI’s full potential over time. 

He concluded with a call for bold and coordinated action. Declining potential supply is a significant issue that cannot be ignored. Investment—both public and private—must be prioritized, labour supply challenges addressed, and openness preserved. While AI offers hope for the future, immediate steps are needed to reverse the current trajectory. The UK’s economic story, though troubled, can be rewritten with a focused and collaborative effort. 

In an era where growth matters more than ever, this address served as both a diagnosis of challenges and a roadmap for renewal. The stakes are high, but so too is the potential for progress. 

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Uber Eyes Bigger Growth in India 

Uber India and South Asia President Prabhjeet Singh stated that India offers an “incredible opportunity to leapfrog private vehicle ownership and embrace shared mobility”….reports Asian Lite News 

India is the third-largest market for ride-hailing company Uber by volume and it continues to grow rapidly, Uber India and South Asia President Prabhjeet Singh said on Thursday, adding that the company will continue to invest in the domestic market.  

“We believe that the demographic dividend which India enjoys, the digitisation which is happening at scale and the infrastructure creation, all of them are strong tailwinds for categories which we operate in,” Singh told IANS on the sidelines of an event here. 

He further stated that India offers an “incredible opportunity to leapfrog private vehicle ownership and embrace shared mobility”. 

“All the signals in the market actually reflect that there is a great chance for India to digitise and scale ride-hailing in a very meticulous way. India is today one of our fastest growing markets and we feel excited about both the near term and long term in this important market,” Singh told IANS. 

The Uber India executive said they are incredibly proud of the scale and profitability of the business in the country. 

“We are incredibly excited about the growth in the macro ecosystem and the growth which we are experiencing on the platform, both on the number of riders and drivers joining the platform,” Singh noted. 

According to the latest company report, Uber Auto and Moto are expected to drive Rs 36,000 crore in economic activity in the country in 2024. While rides with Uber generated Rs 80,000 crore in consumer surplus for riders in Bengaluru, rides with Uber created Rs 130,000 crore in consumer surplus for riders in Delhi. Consumer surplus is one of the most important measures of economic welfare – the amount you would pay someone to voluntarily give up a good or service. 

Singh told IANS that Uber, available in 125 cities, continues to invest heavily in introducing new products for riders in the country. 

“We will continue to expand both our footprint and introduce new services to serve every segment of the population,” Singh added. 

At the event, Uber unveiled a suite of new features aimed at enhancing the daily experiences of its drivers in India. It has more than 1 million monthly active drivers in the country. The new features are ‘Helmet Selfie’, ‘Women Rider Preference’ and ‘Audio Recording’. Uber also announced the promotion of registrations on the government’s e-Shram portal — a unified database for gig workers and unorganised workers. To encourage participation and accelerate registrations, Uber is offering cash incentives to the first 10,000 drivers who register on the portal. 

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India’s Sports Future Looks Bright 

The sports goods and apparel market is leading the way, expected to double in value to $58 billion by 2030, driven by a rising fitness culture and increased discretionary spending…reports Asian Lite News 

India’s sports market is poised to reach $130 billion by 2030 at a compound annual growth rate (CAGR) of 14 per cent, a Google and Deloitte report said on Thursday.  

The report also projected the creation of up to 10.5 million jobs and $21 billion in indirect tax revenue by 2030. 

This growth — nearly double the pace of India’s GDP — signifies a fundamental shift in how Indians consume and engage with sports, driven by increasing government investments, a rising trend of multi-sport culture, wide digital adoption, and a range of quality sports content, the report noted. 

The sports goods and apparel market is leading the way, expected to double in value to $58 billion by 2030, driven by a rising fitness culture and increased discretionary spending. 

“This is a pivotal moment for sports in India and the report outlines a clear path to unlock the value of sports for the nation. We’re witnessing a surge in multi-sport fandom, a growing popularity of digital platforms, and deep engagement from Gen Z, who represent the largest segment of India’s sports fanbase,” said Roma Datta Chobey, Managing Director (Interim Country Lead), Google India. 

These trends create a fertile ground for innovation and engagement, presenting unique opportunities for organisations and businesses to connect with passionate fans across the nation. 

“We see immense potential in leveraging the digital ecosystem to enhance the fan experience and advance the growth of the sports sector, especially with AI-driven personalisation and insights, immersive technologies, and greater digital accessibility. We are excited about the opportunities to partner with the ecosystem to drive innovation and growth in the sector,” Chobey added. 

The rise of digital platforms has transformed sports consumption in India. Most fans now access sports content digitally. This trend is even more pronounced among Gen Z, who make up 43 per cent of the fan base, and are driving demand for interactive, personalized experiences, the report mentioned. 

Today, 93 per cent of Gen Z fans consume sports content digitally and more than any other generation, Gen Z fans engage with their favourite sports even during off-season. 

Romal Shetty, CEO, Deloitte South Asia, said that India’s potential to become a global leader in sports is both a tremendous opportunity and a powerful driver for nation-building. 

“With the advancements in technology from AI to cloud platforms, we have a unique opportunity to nurture talent from the grassroots level, reaching youth in every corner of the country,” Shetty added. 

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Pakistan turns to Saudi, China to bridge $5b funding gap 

The Pakistani government has reassured the IMF that it remains optimistic about receiving support from China’s Exim Bank…reports Asian Lite News

Pakistan is relying on assurances from Saudi Arabia and China to address a USD 5 billion external financing gap, with hopes of securing a debt rescheduling agreement with China and deferred oil payments from Saudi Arabia, despite initial delays, the Express Tribune reported on Thursday. 

These efforts are part of Pakistan’s broader strategy to meet external funding requirements and fulfil conditions under a USD 7 billion bailout package with the International Monetary Fund (IMF). 

The Pakistani government has reassured the IMF that it remains optimistic about receiving support from China’s Exim Bank, which has committed to rolling over USD 3.4 billion in project debt, and from Saudi Arabia, which has agreed to provide a USD 1.2 billion oil facility, as reported by the Express Tribune. These assurances were given by the executive directors of China and Saudi Arabia when the IMF board approved the bailout package. 

Pakistan has also requested the IMF delegation to reconsider its requirement for significant changes to the Pakistan Sovereign Wealth Fund (PSWF) law by the end of December. While the IMF has yet to respond, the government has hired Alvarez & Marsal Sovereign Advisory Services, led by former central bank governor Dr. Reza Baqir, to advocate for its position. 

In a briefing to the IMF on Wednesday, Pakistan reiterated its commitment to securing the necessary external financing, which will fill the USD 5 billion gap between 2024 and 2027, the Express Tribune reported, citing sources. Out of this, USD 2.5 billion is needed for the current fiscal year. 

Pakistan had initially planned to raise USD 3.2 billion, including the USD 1.2 billion Saudi oil facility. However, each month of delay in finalising this facility reduces available funds by USD 100 million in the fiscal year. 

On the Chinese front, Pakistan is seeking the rescheduling of approximately USD 3.4 billion in debt, with USD 750 million due within the next year. A significant portion of the Chinese debt, around USD 2.7 billion, is scheduled to mature between October 2025 and September 2027, as reported by the Express Tribune. 

Pakistan Finance Minister Muhammad Aurangzeb, currently attending COP 29 meetings, will join the IMF discussions on Friday. During the IMF meeting, Pakistani authorities and Alvarez & Marsal briefed the IMF on the need for adjustments to the PSWF Act. The government has committed to amending the law by December to align it with IMF requirements, but it has also proposed that the IMF should not push for drastic changes. Specifically, Pakistan suggests that the sovereign wealth fund should not be treated as a state-owned enterprise, as originally envisioned by the IMF. 

In response to IMF concerns, Pakistan has agreed to make several changes to the PSWF Act, including the omission of Section 50, which would have allowed for the sale of state-owned entities to foreign buyers. The law now requires amendments in several areas related to governance, revenue management, public asset management, and the handling of state-owned enterprises (SOEs), the Express Tribune reported. The government has agreed to bring the fund in line with international standards, including prohibiting the direct sale of assets to foreign countries. 

Pakistan is also committed to removing special privileges for the sovereign wealth fund that would have allowed it to acquire state-owned enterprises or participate in their privatisation. If the IMF’s proposed amendments are passed by parliament, all such privileges will be rescinded. (ANI) 

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