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Mitsubishi’s $8 Billion Shale Gas Play: A Strategic Leap into U.S. LNG
Economy, Expert Views, Market News, Markets - January 11, 2024

India's Finance Ministry Revises Strategic Crude Oil Reserve Plan Amid Market Volatility

India’s Finance Ministry Revises Strategic Crude Oil Reserve Plan Amid Market Volatility

Introduction:
In a strategic move responding to market uncertainties and the potential for further declines in oil prices, India’s finance ministry has decided to abandon a 50 billion rupee ($602 million) plan to augment the nation’s strategic crude oil reserves. The ministry is now exploring the option of leasing out empty underground storage to refiners and global oil majors, as reported by individuals familiar with the matter who requested anonymity due to the private nature of the discussions.

Rationale Behind the Decision:
Market dynamics have played a pivotal role in reshaping India’s approach to bolstering its strategic crude reserves. With Brent crude already witnessing a significant 20% drop from its September peak and the specter of further declines if global oil supplies remain ample, the finance ministry is exercising prudence in its investment decisions.

While other major consumers are actively replenishing their oil reserves, India’s finance ministry is adopting a unique strategy, guided by considerations of fiscal responsibility. As part of a broader effort to reduce the fiscal deficit to 5.9% of the gross domestic product in the fiscal year ending March, down from 6.4% in the previous year, the ministry aims to optimize existing resources.

Leasing Out Underground Storage:
The ministry has directed the state-owned Indian Strategic Petroleum Reserves Ltd (ISPRL) to explore leasing out empty underground storage facilities. India currently has limited oil storage capacity, accommodating only 39 million barrels of crude oil—barely sufficient for eight days of the country’s consumption in case of emergencies. The decision not to refill reserves aligns with a cautious fiscal approach, even as it contrasts with the strategies of other large consumers.

However, leasing out storage space has presented challenges, as refiners have shown limited interest in the initiative so far. The outcome of these leasing discussions may determine whether the underground storage caverns remain vacant or are utilized based on future market conditions.

Current Storage Status:
India maintains strategic oil stockpiles at three key sites, with Visakhapatnam and Mangalore contributing a combined storage capacity of 13.5 million barrels. Presently, both locations have significant storage vacancies. At the Mangalore site, one of the two 5.5 million-barrel caverns has been leased to Abu Dhabi National Oil Co (Adnoc). The finance ministry has encouraged further discussions between ISPRL and local refiners, including Adnoc, regarding the potential lease of the second unit.

As India navigates the evolving landscape of global oil markets and fiscal imperatives, the decision to prioritize leasing over direct investment in reserves underscores the country’s commitment to maintaining economic stability while adapting to changing geopolitical and economic conditions. The outcome of these developments will be closely monitored by industry observers and financial analysts alike.

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BluPine Energy Secures ₹2,416 Cr to Build Hybrid Clean Power Project in Karnataka
Economy, Expert Views, Market News, Markets - January 10, 2024

Renewables and Fossil Fuels: Balancing Act in India's Energy Mix

Renewables and Fossil Fuels: Balancing Act in India’s Energy Mix

Current Landscape:
Year after year, the fossil fuel market grapples with new challenges amid the ever-growing correlation between economic growth, urbanization, and industrialization, all fueled by increasing energy consumption. India, emerging as a major player, faces the intricate interplay of global conflicts, production cuts, and fluctuating demand.

Market Sentiment:
Many in the sector believe that India would find a crude oil price of up to $70 per barrel acceptable, with a preference for lower prices. Despite geopolitical conflicts and production adjustments, prices have not surged as anticipated, partially attributed to China’s lower-than-expected demand.

Insights from Energy Strategists:
2023-2024 Transition:
According to Umud Shokri, a Washington-based energy strategist, the fossil fuel industry is undergoing a dynamic period as 2023 ends and 2024 begins. The US Energy Information Administration predicts a rise in global liquid fuel consumption, but OPEC+ production cutbacks aim to balance supply and demand dynamics.

Renewables and Fossil Fuels:
While renewable energy sources gain interest, they are yet to replace fossil fuels. Renewables are meeting increased demand rather than phasing out traditional energy sources. OPEC’s oil production in 2024 will be influenced by production cuts, economic stability concerns, and geopolitical factors.

Russia’s Role:
Russia’s influence on oil prices remains significant, driven by economic needs and major buyers like China and India. Despite geopolitical complexities, Russia’s impact on global oil prices is expected to persist.

India’s Strategic Response in 2024:
Comprehensive Energy Security:
India faces the challenge of global oil market shifts, introducing uncertainty. To enhance energy security, a comprehensive approach in 2024 should include diversification of energy sources, investments in renewables, and energy efficiency improvements across sectors.

Domestic Production Initiatives:
India is actively boosting domestic production, with companies like ONGC marking success in deep-water exploration. Strategic investments in clean energy technologies and well-balanced policy measures are vital for long-term stability.

Adapting to Geopolitical Pressures:
India must navigate geopolitical tensions, maintaining a clear and comprehensive energy policy that adapts to evolving situations. The focus should be on fortifying energy security through sustainable and diverse energy sources.

Conclusion:
In the complex realm of the fossil fuel market, India’s proactive stance, including domestic production advancements and strategic diversification, positions it to address challenges and uncertainties on the global stage. A robust and adaptable energy policy will be instrumental in ensuring a reliable, affordable, and sustainable energy supply for India’s expanding economy and population.

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UGRO Capital Acquires Profectus Capital in Ambitious ₹1,400 Crore Deal
Economy, Expert Views, Market News, Markets - January 9, 2024

Supreme Court's Landmark Ruling Strengthens Insolvency and Bankruptcy Code (IBC), 2016: Implications for Stakeholders

Supreme Court’s Landmark Ruling Strengthens Insolvency and Bankruptcy Code (IBC), 2016: Implications for Stakeholders

Introduction:
The recent Supreme Court ruling validating Sections 95 to 100 of the Insolvency and Bankruptcy Code (IBC), 2016, has ushered in a new era in the management of distressed assets in India. This judicial validation holds profound implications for various stakeholders, reshaping the legal framework and dynamics surrounding insolvency proceedings.

1. Empowering Lenders and ARCs:
The ruling solidifies the position of lenders and Asset Reconstruction Companies (ARCs), enhancing their authority to take decisive actions against the previous management of struggling companies. This redefines the landscape of corporate governance, introducing a heightened level of accountability crucial for addressing the alarming volume of non-performing assets (NPAs) in the banking sector.

Statistics Reflecting the Need for Action:
As of September 30, 2023, ten public sector banks collectively reported gross NPAs amounting to INR 3.6 lakh crore. The Finance Ministry highlights a significant move as these banks transferred INR 11,617 crore of debt to the National Asset Reconstruction Company between January and November 2023. Despite a decline in gross NPAs from 11.2% in 2017-18 to approximately 3.9% in 2023, challenges persist, with new NPAs emerging and a recovery rate around 30%.

2. Streamlining Legal Action Against Guarantors:
The ruling simplifies and streamlines the process for banks and lenders pursuing legal action against guarantors of loan repayments. This accelerates the resolution of personal financial matters, eliminating delays that previously depended on the availability of specific individuals. The increased efficiency notably benefits lenders and reinforces the importance of accountability at a personal level.

Addressing Financial Irresponsibility:
The Supreme Court’s decision serves as a potent deterrent against financial irresponsibility, encouraging individuals to settle debts or devise repayment plans, mindful of the societal and personal impacts of financial distress. This measure aims to reduce instances of deliberate defaulting, a concern underscored by the alarming rise in debts accrued by willful defaulters, increasing by over INR 100 crore daily since March 2019.

3. Clarity and Structure in Debt Resolution:
The ruling introduces essential clarity and structure to the debt resolution process, marking a pivotal shift for professionals in the financial sector. Banks and financial institutions are now tasked with revamping their legal approaches, emphasizing more effective and resilient debt recovery methods amid the changing financial environment.

Challenges for Secured Loans:
However, challenges arise for those providing loans with some form of security, as participation in legal proceedings might necessitate relinquishing certain rights, such as property reclamation, in exchange for a say in the decision-making process.

4. Cautionary Measure for Business Leaders:
The decision serves as a cautionary measure for business leaders, dissuading them from making unfeasible commitments to banks. This aspect of the ruling provides an advantage for lenders looking to offload accounts, granting them increased leverage in price determination.

Conclusion:
In conclusion, the Supreme Court’s ruling on Sections 95 to 100 of the IBC, 2016, marks a significant step towards a more robust and accountable insolvency framework. While presenting challenges, it sets the stage for a more efficient, transparent, and responsible approach to distressed assets in the Indian financial landscape.

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Infosys to LTIMindtree: IT Stocks Climb on Fed Relief
Economy, Expert Views, Market News, Markets - January 9, 2024

SEBI Announces Comprehensive Framework for Short Selling and Securities Lending

SEBI Announces Comprehensive Framework for Short Selling and Securities Lending

In a significant development, the Securities and Exchange Board of India (SEBI) has unveiled a comprehensive framework governing short selling and securities lending and borrowing scheme (SLBM). The regulatory body’s announcement, made on Friday, outlines key guidelines aimed at fostering transparency and integrity in the Indian securities market.

Inclusion of All Investors in Short Selling, With a Strict Prohibition on Naked Short Selling:
SEBI has granted approval for investors across all categories to participate in short selling activities. However, a notable restriction has been imposed to disallow naked short selling, a practice where a seller engages in short selling without possessing the securities at the time of the trade. This measure is designed to ensure the legitimacy and stability of the market.

Eligibility of All F&O Segment Stocks for Short Selling:
SEBI’s directive highlights that all stocks trading in the futures and options (F&O) segment are eligible for short selling. This move is anticipated to enhance market liquidity and provide investors with a broader range of options for executing short selling strategies.

Obligation Adherence for Delivering Securities:
The market regulator emphasizes the mandatory obligation for all investors to deliver securities at the time of settlement. This requirement underscores SEBI’s commitment to upholding the integrity of transactions and ensuring timely fulfillment of contractual obligations.

Prohibition on Day Trading and Intra-day Square Off for Institutional Investors:
SEBI’s framework explicitly prohibits institutional investors from engaging in day trading or squaring off transactions intra-day. This measure aims to promote a more stable and long-term approach to investing among institutional participants.

Supreme Court’s Directive Prompts Investigation:
The regulatory changes follow a directive from the Supreme Court, urging SEBI to investigate potential losses suffered by investors and assess any breaches of the law related to short positions. This directive was prompted by allegations from US short seller Hindenburg Research, which claimed that the Adani Group had violated stock market rules. SEBI is currently conducting an investigation into these allegations.

Introduction of Securities Lending & Borrowing Scheme (SLBM) Concurrent with Institutional Short Selling:
SEBI has announced that the introduction of a comprehensive Securities Lending & Borrowing Scheme (SLBM) will coincide with the implementation of short selling by institutional investors. This integrated approach aims to facilitate a more robust and efficient securities lending mechanism in the market.

Enhanced Disclosure Requirements for Brokers and Investors:
SEBI has mandated brokers to collect and upload scrip-wise short sell positions on exchanges before the commencement of trading on the following day. Retail investors have the flexibility to make necessary disclosures by the end of the trading hours. The regulatory body emphasizes the importance of transparent reporting to enhance market visibility and public awareness.

Balancing Market Stability and Efficiency:
Acknowledging the potential impact on market efficiency, market experts caution that limitations on short selling, particularly naked shorting, may impede liquidity, especially in smaller stocks. However, SEBI’s move is seen as a proactive measure to curb market manipulation and protect retail investors. A data-driven approach, with periodic reviews and adjustments, will be crucial to maintaining a healthy balance between market stability and dynamism. Monitoring the impact of these regulations will be essential to assess whether the benefits of curbing manipulation outweigh potential costs to market efficiency.

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Interest Payment Burden to reduce in FY26
Economy, Expert Views, Market News, Markets - January 8, 2024

Anticipation Grows as Experts Suggest Bank Privatization Unlikely in Upcoming Union Budget Vote on Account

Anticipation Grows as Experts Suggest Bank Privatization Unlikely in Upcoming Union Budget Vote on Account

Introduction:
As the country awaits the Union Budget scheduled for February 1, 2024, financial experts express skepticism regarding the inclusion of bank privatization announcements. Given that this budget is categorized as a vote on account, analysts assert that major policy initiatives, particularly the contentious issue of bank privatization, may not find a place in the interim budget.

Economic Veterans Share Insights:
Renowned economist and former finance secretary, Montek Singh Ahluwalia, emphasized the nature of interim budgets, stating, “This is an interim Budget; so it’s like a non-Budget you are not supposed to announce any new thing.” He underscored the tradition of interim budgets primarily echoing election manifestos without introducing groundbreaking policies.

Finance Minister Nirmala Sitharaman further clarified the government’s stance on December 7, asserting that the upcoming budget would lack “spectacular announcements.” She highlighted that the regular budget with substantial policy declarations would be presented in July, post the general election.

Former Deputy Governor of the Reserve Bank of India, R Gandhi, echoed similar sentiments, emphasizing the limited scope of the upcoming vote on account. “It is only a vote on account, not a budget. So don’t expect any policy initiatives,” Gandhi remarked.

Recap of Previous Budget Announcements:
The backdrop of this anticipation stems from Sitharaman’s previous budget presentation in 2021-22, where she outlined the government’s intent to privatize public sector banks (PSBs) as part of a broader disinvestment strategy aimed at generating Rs 1.75 lakh crore. However, the proposed privatization, except for IDBI Bank, did not materialize, raising questions about the timing and implementation of such decisions.

Financial Stability of Public Sector Banks:
Notably, industry experts have assessed the current situation of public sector banks and suggest that, at present, they are in a robust financial position. Former finance secretary Subhash Chandra Garg affirmed, “There is no chance to touch issues like bank privatization in the interim Budget.” He pointed out that banks are enjoying favorable conditions, marked by improved earnings, successful fund raising, and strong capital positions.

A Moneycontrol analysis of the July-September FY24 quarter reveals double-digit profits and enhanced asset quality in India’s banking sector. Major banks, including the State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank, reported substantial profits, reflecting a positive trend in the industry.

Government’s Stance and Future Projections:
A finance ministry official indicated that critical decisions, including bank privatization, are likely to be deferred until after the general elections. The official stated, “Every government makes the decisions at the right time. So, I don’t think that anything is going to happen before the general elections.”

As the nation awaits the Union Budget on February 1, 2024, the financial landscape remains poised for potential shifts post the general elections, leaving experts and stakeholders keenly observant of the government’s future policy directions.

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Tesla Shares Surge 3% Following Elon Musk’s $1 Billion Stock Investment
Economy, Expert Views, Market News, Markets - January 8, 2024

Tesla Power India Launches ReStore: India's Premier Refurbished Battery Brand

Tesla Power India Launches ReStore: India’s Premier Refurbished Battery Brand

In a groundbreaking initiative towards fostering self-reliance, skill development, and advancing green technology, Tesla Power India proudly introduces ReStore, India’s inaugural refurbished battery brand. Headquartered in Gurgaon, Tesla Power India Private Limited, with its global headquarters in Delaware, USA, unveils a cutting-edge Electro-Chemical Battery Enhancement Process (EBEP) set to revolutionize the battery industry.

Strategic Expansion: 5000 “ReStore Battery Refurbishing Centers” by 2025:
In a significant stride, Tesla announces plans to establish 5000 “ReStore Battery Refurbishing Centers” across India by 2025, with over 500 centers already operational nationwide. This strategic move underscores Tesla Power India’s commitment to “Atmanirbhar Bharat,” “Skill India,” “Circular Economy,” and “Sustainable Environment.”

Proprietary Technology: Electro-Chemical Battery Enhancement Process (EBEP)
The proprietary EBEP technology marks a breakthrough in battery refurbishment, significantly extending the lifespan of various Lead acid batteries, including tall tubular inverter batteries and UPS VRLA batteries. This cost-effective solution enhances battery life by 1 to 2 years, providing customers with refurbished batteries under the brand name “ReStore” at nearly half the cost of a new inverter battery, accompanied by a warranty.

Compliance with Environmental Guidelines: Battery Waste Management Rules 2022:
Aligned with the “Battery Waste Management Rules 2022,” as recognized by the Central Pollution Control Board (CPCB), Tesla Power India embraces battery refurbishing as an approved business activity. This strategic move is anticipated to give rise to approximately 30,000 battery refurbishment centers, generating employment opportunities for over 1 lakh individuals. Addressing the annual disposal of around 10 crore lead acid batteries, costing Rs.40,000 crore to the Indian economy, ReStore’s launch mitigates economic strain and environmental hazards associated with improper disposal.

Mr. Kavinder Khurana, Managing Director’s Perspective:
Mr. Kavinder Khurana, Managing Director of Tesla Power India, expresses his enthusiasm for ReStore, stating, “It’s not just a refurbished battery brand; it’s a solution for employment generation in a new battery service industry. By offering affordable refurbished batteries with performance warranty, we aim to redefine the market and train micro and small entrepreneurs on our game-changing Electro-chemical battery enhancement process (EBEP) technology.”

ReStore: Pioneering Sustainable Solutions in Energy Storage:
ReStore emerges as the first refurbished battery brand in India, empowered by Tesla Power India. This launch reaffirms the brand’s commitment to delivering quality, reliability, and cutting-edge technology to the Indian market. Tesla Power India’s dedication to creating a positive impact on the environment, economy, and society is evident through ReStore’s offering of affordable and sustainable battery solutions, poised to drive significant change in the energy storage sector and beyond.

Conclusion:
Tesla Power India’s launch of ReStore not only introduces India’s premier refurbished battery brand but also signifies a commitment to sustainable practices, skill development, and environmental responsibility. With the innovative Electro-Chemical Battery Enhancement Process (EBEP) and plans for widespread expansion, ReStore is poised to revolutionize the battery industry, contributing to both economic growth and a greener future for India.

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RBI's Revised Co-Lending Norms Set to Transform NBFC Growth
Economy, Expert Views, Market News, Markets - January 5, 2024

RBI Introduces Revisions in Redemption Funds and CP Buyback Norms

RBI Introduces Revisions in Redemption Funds and CP Buyback Norms

On January 3, 2024, the Reserve Bank of India (RBI) implemented changes to the norms governing redemption funds and buyback of commercial papers (CPs). This move primarily impacts CPs and non-convertible debentures (NCDs) with original or initial maturity up to one year, reflecting adjustments based on market feedback.

Buyback Timelines Altered: Seven-Day Window Introduced:
Under the new guidelines, issuers of CPs are now permitted to initiate buybacks only after seven days from the date of issue. This represents a departure from the previous 30-day restriction outlined in the Operational Guidelines for Commercial Paper issued by the Fixed Income Money Market and Derivatives Association of India in 2020.

Uniformity in Buyback Offers Ensured:
The revised directives emphasize that the buyback offer must be extended uniformly to all investors in a specific issue, ensuring identical terms and conditions. Investors retain the option to either accept or reject the buyback offer, enhancing transparency and fairness in the process.

Pricing and Information Dissemination Guidelines Established:
According to the updated norms, buybacks of CPs and NCDs are mandated to be executed at the prevailing market price. Issuers are also required to promptly inform the Issuing and Paying Agent (IPA) and Debenture Trustee about buyback details on the execution date, with payments routed through the IPA.

Redemption Fund Handling: Timely Submission to IPA Required:
Guidelines stipulate that issuers must make funds for redemption available to the IPA by 3:00 P.M. on the redemption date, shifting from the previous 2:00 P.M. requirement. This aligns with the norms set by the Fixed Income Money Market and Derivatives Association of India.

Effective Date and Applicability:
The RBI has announced that these directions will be applicable to all entities dealing in CPs and NCDs with original or initial maturity up to one year. The revised norms are scheduled to come into effect from April 01, 2024, allowing stakeholders a transition period to adapt to the changes.

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Markets Plunge as Middle East Tensions Erupt: Oil Soars, Aviation and Equities Suffer
business update, Economy, Expert Views, Market News, Markets - January 5, 2024

OPEC's Crucial Role in 2024: Navigating Production Policies Amidst Challenges

OPEC’s Crucial Role in 2024: Navigating Production Policies Amidst Challenges

Introduction:
Recent years have unfolded with unprecedented geopolitical events, including Russia’s invasion of Ukraine in 2022 and Hamas attacks on Israel in 2023. These events, coupled with ongoing challenges such as tensions between China and Taiwan and North-South Korea dynamics, have raised concerns about potential disruptions in oil markets. However, despite the tumultuous events, the oil market has displayed resilience, with the benchmark Brent oil price closing lower in 2023.

Shifting Dynamics: Shale Revolution and OPEC’s Response
The rise of the U.S. shale sector from 2010 disrupted traditional oil market dynamics, leading to Saudi Arabia’s initiation of the 2014-2016 Oil Price War to undermine the U.S. shale industry. The unexpected resilience of the U.S. shale sector created a new normal in oil price dynamics, prompting the establishment of an informal oil price range by the U.S. to maintain stability.

Political-Economic Nexus: Informal Oil Price Range and Global Implications:
The U.S. informal oil price range, from US$40-45 per barrel (pb) to US$75-80 pb, is rooted in political and economic considerations. The correlation between oil prices, election outcomes, and consumer spending on gasoline plays a crucial role, historically influencing U.S. presidential election results. Meanwhile, China’s role in the global oil market has evolved, and its economic vulnerabilities are linked to its reluctance to escalate conflicts in the Middle East.

Economic Interplay and Future Outlook:
Navigating the uncertainties of 2024 requires considering the delicate balance between global geopolitics, oil markets, and economic factors. The strategic responses of major players, particularly the U.S. and China, will continue to shape the trajectory of oil prices and the broader global economic order.

According to the Asset & Wealth Management Investment Strategy Group (ISG) at Goldman Sachs, the price of a barrel of oil is expected to trade between $70 and $100 for most of 2024. This forecast reflects slowing oil demand growth, tighter financial conditions, and elevated U.S. recession odds. Short-term volatility is anticipated due to macroeconomic uncertainties and heightened geopolitical risks, particularly amid ongoing OPEC+ negotiations on 2024 production quotas.

OPEC’s Role in 2024:
OPEC’s production policy and discipline, especially from key producers like Saudi Arabia and Russia, are crucial in supporting the oil price path in 2024. Despite the challenging task of balancing the market, both countries have committed to production cuts, surprising the market with their implementation.

Impact of Israel-Hamas Conflict:
The Israel-Hamas war introduces potential oil price volatility. If the conflict escalates, there may be sharp but transitory increases in spot oil prices. Possible disruptions include tighter oil sanctions on Iran, attempts to block the Strait of Hormuz, an Arab oil embargo, and production cuts by other Arab producers. However, the dynamics of the global oil market have changed since the 1970s, and the overall impact of such conflicts on oil prices has been neutral in recent years.

Conclusion:
As we navigate the complexities of 2024, the interconnectedness of global geopolitics, oil markets, and economic considerations will continue to shape the future of oil prices. OPEC’s decisions, the evolving role of major players, and the resolution of geopolitical conflicts will play pivotal roles in determining the stability and direction of the oil market in the coming year.

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Wales government to discuss with welsh companies on investing in gift city in kochi: The Kerala government has agreed on a student exchange programme and is sending the healthcare workers to Wales, which is held by the government. A Kerala chief minister has been on a tour of Europe, including a stop in London to promote a programme that will send health workers from Kerala to Wales, as well as student exchanges through the taith program. The Taith programme is a five-year Welsh government initiative that brings students and educators from all over the world to Wales.with the aim of raising its benefits to the country’s international profile. Earlier, Kerala industries minister Veena George had been welcomed to Cardiff, in Wales. According to officials, chief minister Pinarayi Vijayans, who was part of the Wales ministerial delegation from Kerala, stated that the government will take the initiative to discuss with companies about investing in the gift city, which will be launched in Kochi, which is located in the southern state. The chief minister officer stated in a statement that a decision was also made to sign a memorandum of understanding with the Welsh government for the purpose of sending health professionals from Kerala to the European country.and also said that the first batches of health professionals under the memorandum of association are expected to arrive in Wales by next year. The discussion was held in between the Kerala delegation, which was held by the chief minister, Pinarayi Vijayan, and interaction with the first minister of Wales' government, Mr. Mark Drake, as well as with the other members of his government, including along with the Welsh health minister and social service minister, Eluned Morgan. Furthermore, the CMO stated that, according to a study conducted by the school of architecture, the problems highlighted by the port city of Kochi were noise pollution, water pollution, traffic, and other general pollution, among other things, faced by pedestrians.There should be a need to maintain biodiversity etc.
Business, Economy, Editorials, education, Equities, Investor Forum, Market News - August 29, 2023

Wales government to discuss with welsh companies on investing in gift city in kochi:

Wales government to discuss with welsh companies on investing in gift city in kochi:

The Kerala government has agreed on a student exchange programme and is sending the healthcare workers to Wales, which is held by the government. A Kerala chief minister has been on a tour of Europe, including a stop in London to promote a programme that will send health workers from Kerala to Wales, as well as student exchanges through the taith program.

The Taith programme is a five-year Welsh government initiative that brings students and educators from all over the world to Wales.with the aim of raising its benefits to the country’s international profile. Earlier, Kerala industries minister Veena George had been welcomed to Cardiff, in Wales.

ministerial delegation:

According to officials, chief minister Pinarayi Vijayans, who was part of the Wales ministerial delegation from Kerala, stated that the government will take the initiative to discuss with companies about investing in the gift city, which will be launched in Kochi, which is located in the southern state.

The chief minister officer stated in a statement that a decision was also made to sign a memorandum of understanding with the Welsh government for the purpose of sending health professionals from Kerala to the European country.and also said that the first batches of health professionals under the memorandum of association are expected to arrive in Wales by next year.

The discussion was held in between the Kerala delegation, which was held by the chief minister, Pinarayi Vijayan, and interaction with the first minister of Wales’ government, Mr. Mark Drake, as well as with the other members of his government, including along with the Welsh health minister and social service minister, Eluned Morgan.

Furthermore, the CMO stated that, according to a study conducted by the school of architecture, the problems highlighted by the port city of Kochi were noise pollution, water pollution, traffic, and other general pollution, among other things, faced by pedestrians.There should be a need to maintain biodiversity etc.

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