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TN-leverage strength of BHEL, NLC... SoA @ 80 Land reclamation from sea appears cheaper! Auto components surge… IPL type auction for VCs? TIAM turns a full cycle Modi and the lady Engineering seats go abegging Make standards certification mandatory... Build close rapport with business leaders Excel Generators provide the vital back-up Valli, they are more marginalised Why this malaise in medical education? R Sridhar steps down as CEO of Shriram Capital Gay abandon in pricing Solar, solar everywhere … Diamond jubilee of Egmore Samskrt School Kudos to NDTV... Secularism and anti-Hinduism Not just in-laws (and outlaws); they’ve renowned academics at the helm! When small is no larger beautiful.. The balancing act Cutting the nose to spite the face Where a state respects its litterateurs… The Jan Dhan bonanza GNS - 100: our first subscriber Modi storms Silicon Valley When nations steal growth from one another… F C Kohli - his concerns all embracing Telangana in top gear… Whistle-Stop Tour of Raghuram Rajan to the lack of interest on the part of these to focus on original research. This despite the much lower costs of such research in India. The industry which thrived on the protection of a closed economy and the advantage of a vast domestic market, has failed to organise its evolution on healthy lines Sri Lanka votes for change CRS, a jewel among managers, is no more. The brown list of Venkitaramanan Colour-Chem’s colourful KRVS GM Technology at last! Airlines in India: cost and space When the President was rendered homeless… Convulsions in The Hindu Breaththrough in malaria control Bihar – Nitish Kumar adopts the Lalu model Building loyalty through the stomach Towards speedy justice Welcome GST Streamlining mandatory third party cover TN accounts for the largest recruits by the IT sector London, London Narayan Tribute – Manikam Ramaswami IAS invades NDDB... Rs.1600 crore paper board plant of TNPL Tatas moving out of urea production... The sea- saw battle continues... Mersal magnified Vibrant Gujarat Delhi returns to BJP Discoms deserve better… A professional at the helm of IRDA... A more liberated TN… Quality education through the PPP mode The nuclear option More tributes to GR …and of a popular trade leader Polls and promises Poor quality of university VCs New IT products of Ramco in the pipeline… Shaming of Tamils by Tamil farmers at Delhi A think tank for Chennai Which side are you, Montek? 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Dr C Rangarajan returns to Chennai Delhi is distant… For whom the MIDS bell tolls? Eternal support for capitalisation of PS banks When Ratan Tata visited SRM Tribute The ‘Ayyo-yes’ is no more Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Return to king coal for urea... WTO Meet: resolved to meet again Plummeting profits of PSBs Marketing expert Balagopal is no more Online not in line with brick and mortar businesses... The star of Spencers is no more Noble nonagenarians... When TN politicians can emulate Kerala's Delhi is distant Rahman at CIC EVM is tamper-proof No Maha Koottani in TN... Liberal imports idling indigenous capacities This scant respect for Law IPL - no surprise this scam A proud Madrasi Editor's Says Cement prices continue to rise… Like Hinduism: many paths to reach God... Computation of GDP – conundrums continue Increasing non co-operation of state leaders Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Strengthen the base... The ‘Jayanthi Tax.’ Making ‘my Amaravati’... The power-full Hindujas Small units prefers to remain small... There was flood of milk. Reason: no milk commissioner! The Gulf aviation boom Tihar, Puzhal not different from Parappana Agrahara MHC should not return to its old indisciplined ways Solar thermal shines… Another Indian music maestro at the UN Gas is the way forward Funding the un-funded A Grand Finale for SN’s MS centenary at the US… Recognition to role of NBFCs.... Where is Rajaji? Road development slows down A friendly business group Reliance’s TV – 18 ready to launch Tamil News Channel ONGC at KG Basin More Shakthi to Das’ elbow EEC at the National Media Centre More Shakti to resource mobilisation... Maximising the micro pricing … Nuclear power at the nucleus Waning interest in public discussions… Naidu’s return augurs well for Seemandhra Boy, can you beat these? Inflation: are we emulating Argentina and Brazil? When online building permits work…. CII projects higher growth… Bihar elections - the Rajaji formula worked Insurance companies bleeding, yet no decision on increasing FDI limit! Multi-faceted Venkat Sweet news for TN sugar mills Banning booze... Editor's Notes Infrastructure funding – lessons learnt Delhi Chalo... Limit foreign borrowings to hi-tech, export potential projects... A C Muthiah – his munificent bequeaths to science Russi Mody – a tribute Silver Years of Madras Musings Haul over the coal A yen for wastage… Muffled voices for merit… The rise and fall of Annamalai University Put expensive assets created to use... Protest masters... Tax agriculture Roaring Ro-Ro facility Remembering Indira Sivasailam... A glass full of corruption Align crops to agro climate endowments… Tribute – UCAL Selvan… Poor representation for Kerala and TN in Cabinet The why of tax incentives Moily’s bold thrust Parliament in paralysis... Don’t seem to feel the pulse… Padma Bhushan for A Ramakrishna Paytm karo... Measuring roof tops in terms of KW/MW TN – agglomerate land holdings without alienating ownership Odisha: spectacular win by Naveen Patnaik West Bengal: mindless malignancy B H Kothari - a tribute Fall in crude prices help in oil sector reform Mu Sigma – is no more The rise and rise of KCP Contrarian cousins An inexplicable neglect CSR and CMI: promise of another Srinivasan Ramanujan... An informal presentation - analytical, forward locking... Readers' Mail Should we change the official year? A welcome initiative by the judiciary An enemy’s enemy is a friend Fortune 500 review Revving up the manufacturing sector S V Raju – a ‘good’ true liberal Alexa – Talking Wikipedia Wanted: a second airport for Chennai Fuel for thought Welcome changes that testify to Jayalalithaa’s return to health Tatas moving out of urea production... Fortune for Indian Airlines He saved millions from starvation... Lalu’s envy, India’s pride No mega rail project for Tamil Nadu Things happen by accident and not by design... Adharma of opposition politics
 
Limit foreign borrowings to hi-tech, export potential projects...

A recent report suggested that funding agencies such as Japan International (JICA) had refused to extend loans for the construction of stormwater drains by Chennai Corporation, impacting projects in Thiruvottiyur, Manali and Madhavaram that involve investment of around Rs 1800 crore; also dropping plans altogether for some other neighbourhood projects.  

For long, multilateral lending institutions like the World Bank, IMF and bilateral donors like the KfW of Germany and JICA had traditionally been extending long term funding on soft terms for the development of such civic projects. Priorities have been changing for bilateral lenders, who now fund to more technology-oriented projects that would be of benefit to their industries. For instance, Japan International Cooperation Agency (JICA) has been extending large credit on soft terms for railway projects: Rs 10,000 crore for Chennai metro rail and Rs 3200 crore for the metro’s intelligent transport system. The bullet train project connecting Mumbai and Ahmedabad is to receive funding to the extent of Rs 88,087 crore.

The issue of borrowing huge sums for civic projects with no scope for foreign exchange earnings, requires re-think. Civic services are essentially offered by municipal corporations. But most corporations are run inefficiently with inadequate attention to resource mobilisation, sloppy execution of projects, leakages of revenues, delays, cost overruns and poor quality of works. Steep fall in the value of the rupee in relation to the dollar, euro or yen adds further insult to injury. The civic projects that do not generate revenues in foreign currency suffer the most by the depreciation of the rupee.

India, in terms of size, is expected to be the third largest in the next few years. The country has been extending handsome loans to several developing countries in Asia and Africa. It should strive to limit seeking funds from foreign institutions for meeting essential needs relating to technology upgradation, import of raw materials in short supply, capital equipment and the like and not for projects for which the country itself has indigenous capabilities. Simultaneously, there should be the striving for achieving self-sufficiency or near self-sufficiency in areas such as energy. The record  of the US over the last 20 years in achieving self-sufficiencies in oil and gas is worth emulating.



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