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Editor's Notes A friendly business group A glass full of corruption Sri Lanka votes for change Fuel for thought Discoms deserve better… Funding the un-funded Streamlining mandatory third party cover Whistle-Stop Tour of Raghuram Rajan China invests in India Vibrant Gujarat The Swadeshi Trump Marketing expert Balagopal is no more The rise and fall of Annamalai University A Grand Finale for SN’s MS centenary at the US… Like Hinduism: many paths to reach God... An enemy’s enemy is a friend Mu Sigma – is no more Quality silica from Neyveli Modi storms Silicon Valley Solar, solar everywhere … GM Technology at last! Fortune for Indian Airlines Nuclear power at the nucleus Pharma – overdose of copying Gas is the way forward There was flood of milk. Reason: no milk commissioner! Gay abandon in pricing The Gulf aviation boom F C Kohli - his concerns all embracing Modi and the lady Cement prices continue to rise… IAS invades NDDB... Small units prefers to remain small... Remembering Indira Sivasailam... Tribute Alexa – Talking Wikipedia Roaring Ro-Ro facility Towards speedy justice Return to king coal for urea... London, London Narayan Five star activism stalls development activity Contrarian cousins Come elections, come advertisements... All eyes on Sankara Nethralaya Shanti and Sadhana through Music Not just in-laws (and outlaws); they’ve renowned academics at the helm! Poor representation for Kerala and TN in Cabinet The Jan Dhan bonanza He continues the focus on social amelioration TN accounts for the largest recruits by the IT sector This scant respect for Law TIAM turns a full cycle Naidu will soon build a new Hyderabad A think tank for Chennai Secularism and anti-Hinduism Revving up the manufacturing sector 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 WTO Meet: resolved to meet again A more liberated TN… When nations steal growth from one another… Bihar elections - the Rajaji formula worked Welcome GST Tribute – UCAL Selvan… More heat than light The why of tax incentives Lesson from Chandrababu Naidu The balancing act B H Kothari - a tribute Welcome thrust on trade in Modi’s foreign visits... Measuring roof tops in terms of KW/MW More tributes to GR When small is no larger beautiful.. 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Auto components surge… ONGC at KG Basin Excel Generators provide the vital back-up How Air-India loses customs... Silver Years of Madras Musings Put expensive assets created to use... Editor's Says Colour-Chem’s colourful KRVS Muffled voices for merit… Tatas moving out of urea production... CRS, a jewel among managers, is no more. Recognition to role of NBFCs.... Insurance companies bleeding, yet no decision on increasing FDI limit! Liberal imports idling indigenous capacities Boy, can you beat these? More Shakthi to Das’ elbow CSR and CMI: promise of another Srinivasan Ramanujan... The rise and rise of KCP TN – agglomerate land holdings without alienating ownership Reliance’s TV – 18 ready to launch Tamil News Channel CIPET hqrs to stay at Guindy – for the present? Lalu’s envy, India’s pride Things happen by accident and not by design... 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Kinetic Karnataka EVM is tamper-proof Haul over the coal The power-full Hindujas Welcome focus on core competence Which side are you, Montek? Tatas moving out of urea production... Kudos to NDTV... Waning interest in public discussions… Music happens Increasing non co-operation of state leaders Rahman at CIC Poor quality of university VCs Parliament in paralysis... Airlines in India: cost and space Should we change the official year? TN-leverage strength of BHEL, NLC... Maximising the micro pricing … Align crops to agro climate endowments… PC’s preference for professionals Shipping woes of Chennai companies No Maha Koottani in TN... A welcome initiative by the judiciary Online not in line with brick and mortar businesses... Banning booze... Engineering seats go abegging For whom the bell tolls? When Ratan Tata visited SRM When TN politicians can emulate Kerala's The sea- saw battle continues... The Ports’ Pasha expands into Tamil Nadu Sweet news for TN sugar mills Protest masters... Plummeting profits of PSBs Welcome changes that testify to Jayalalithaa’s return to health A Grand Finale for SN’s MS centenary at the US… Delhi Chalo... No mega rail project for Tamil Nadu Rs.1600 crore paper board plant of TNPL Fall in crude prices help in oil sector reform Sweeter prospects for sugar Delhi is distant… …and of a popular trade leader No engine for this car Kulandai was a giant Shaming of Tamils by Tamil farmers at Delhi IPL - no surprise this scam Adharma of opposition politics Don’t seem to feel the pulse… Godspeed, Chief Minister JJ Padma Bhushan for A Ramakrishna Demise of a media baron... Robber barons everywhere The ‘Jayanthi Tax.’ Tough task taking states together IPL type auction for VCs? Eternal support for capitalisation of PS banks Cutting the nose to spite the face Tribute – Manikam Ramaswami Inflation: are we emulating Argentina and Brazil? Making ‘my Amaravati’... Delhi returns to BJP SoA @ 80 A proud Madrasi CII projects higher growth… Mersal magnified Where is Rajaji? Breaththrough in malaria control Make standards certification mandatory... Odisha: spectacular win by Naveen Patnaik Cleaning Ganga – relocate tanneries and install electric crematoria Diamond jubilee of Egmore Samskrt School Where a state respects its litterateurs… Solar thermal shines… The ‘Ayyo-yes’ is no more Wise Presidents When online building permits work…. Tribute – M V Murugappan Bihar – Nitish Kumar adopts the Lalu model Wanted: a second airport for Chennai Road development slows down Intellectual of rare qualities TELANGANA at last…BUT Valli, they are more marginalised Noble nonagenarians... The nuclear option Convulsions in The Hindu Why land prices zoom in TN? For whom the MIDS bell tolls? Revive development banks... The few handicaps... Land reclamation from sea appears cheaper! Air Asia India will set new benchmarks for budget travel Readers' Mail Delhi is distant Fortune 500 review Tihar, Puzhal not different from Parappana Agrahara
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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