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…and of a popular trade leader A friendly business group When online building permits work…. How Air-India loses customs... PPP mode for upgrading Corporation Hospitals Preserving for the future He continues the focus on social amelioration The Gulf aviation boom Tatas moving out of urea production... Demise of a media baron... TIAM turns a full cycle The brown list of Venkitaramanan Scientists urged to take up farmer-oriented research More Shakthi to Das’ elbow Plummeting profits of PSBs Shanti and Sadhana through Music Multi-faceted Venkat A welcome initiative by the judiciary EEC at the National Media Centre The ‘Jayanthi Tax.’ Road development slows down Why land prices zoom in TN? Russi Mody – a tribute When Ratan Tata visited SRM A professional at the helm of IRDA... Wanted: a second airport for Chennai Funding the un-funded Kudos to NDTV... No Maha Koottani in TN... L&T: focus on infrastructure and more infrastructure… 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 Computation of GDP – conundrums continue Engineering seats go abegging Should we change the official year? Towards speedy justice Gas is the way forward An enemy’s enemy is a friend Paytm karo... Secularism and anti-Hinduism Shipping woes of Chennai companies Sweet news for TN sugar mills The star of Spencers is no more Banning booze... Permanent secretariat for TN GIM Nuclear power at the nucleus Roaring Ro-Ro facility Tribute Sweeter prospects for sugar F C Kohli - his concerns all embracing PC’s preference for professionals Lalu’s envy, India’s pride Which side are you, Montek? Fall in crude prices help in oil sector reform Bihar elections - the Rajaji formula worked Remembering Indira Sivasailam... Delhi is distant… Modi and the lady Adharma of opposition politics Haul over the coal MHC should not return to its old indisciplined ways The Jan Dhan bonanza Where is Rajaji? A yen for wastage… The sea- saw battle continues... Lesson from Chandrababu Naidu Bihar – Nitish Kumar adopts the Lalu model Delhi returns to BJP Things happen by accident and not by design... R Sridhar steps down as CEO of Shriram Capital Polls and promises Marketing expert Balagopal is no more Solar thermal shines… Delhi Chalo... Welcome GST Gay abandon in pricing Quality education through the PPP mode CII projects higher growth… He saved millions from starvation... Fortune 500 review Breaththrough in malaria control S Ramanathan – a versatile musician, musicologist Maximising the micro pricing … Convulsions in The Hindu Fuel for thought Moily’s bold thrust Intellectual of rare qualities Shaming of Tamils by Tamil farmers at Delhi An informal presentation - analytical, forward locking... When TN politicians can emulate Kerala's The rise and fall of Annamalai University Editor's Says Tribute – M V Murugappan Why this malaise in medical education? Tihar, Puzhal not different from Parappana Agrahara Valli, they are more marginalised Naidu will soon build a new Hyderabad TN-leverage strength of BHEL, NLC... Auto components surge… CIPET hqrs to stay at Guindy – for the present? No mega rail project for Tamil Nadu Air Asia India will set new benchmarks for budget travel The why of tax incentives Muffled voices for merit… IPL type auction for VCs? When nations steal growth from one another… Tax agriculture Come elections, come advertisements... Parliament in paralysis... Building loyalty through the stomach Another Indian music maestro at the UN Silver Years of Madras Musings Discoms deserve better… Readers' Mail L&T- the specialty of special purpose vehicles Waning interest in public discussions… Music happens Don’t seem to feel the pulse… Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Build close rapport with business leaders Revive development banks... Liberal imports idling indigenous capacities Boy, can you beat these? A C Muthiah – his munificent bequeaths to science Editor's Notes The balancing act Adapt Vajpayee dinner diplomacy Welcome thrust on trade in Modi’s foreign visits... TGS- The king storyteller CRS, a jewel among managers, is no more. New IT products of Ramco in the pipeline… A Grand Finale for SN’s MS centenary at the US… West Bengal: mindless malignancy Like Hinduism: many paths to reach God... The Ports’ Pasha expands into Tamil Nadu B H Kothari - a tribute IAS invades NDDB... Solar, solar everywhere … A more liberated TN… GNS - 100: our first subscriber Tribute – UCAL Selvan… Five star activism stalls development activity The power-full Hindujas A Grand Finale for SN’s MS centenary at the US… S V Raju – a ‘good’ true liberal A think tank for Chennai Eternal support for capitalisation of PS banks Poor representation for Kerala and TN in Cabinet Making ‘my Amaravati’... Naidu’s return augurs well for Seemandhra Strengthen the base... Diamond jubilee of Egmore Samskrt School SoA @ 80 Welcome focus on core competence Reliance’s TV – 18 ready to launch Tamil News Channel Godspeed, Chief Minister JJ Shale gas and its shallow future Online not in line with brick and mortar businesses... Rahman at CIC Sri Lanka votes for change Airlines in India: cost and space IPL - no surprise this scam Fortune for Indian Airlines Contrarian cousins Insurance companies bleeding, yet no decision on increasing FDI limit! Vibrant Gujarat Colour-Chem’s colourful KRVS Put expensive assets created to use... Mu Sigma – is no more Medical costs hit the roof... When small is no larger beautiful.. Revving up the manufacturing sector Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated More tributes to GR Increasing non co-operation of state leaders Tribute – Manikam Ramaswami Odisha: spectacular win by Naveen Patnaik An inexplicable neglect Limit foreign borrowings to hi-tech, export potential projects... Small units prefers to remain small... Wise Presidents When the President was rendered homeless… Make standards certification mandatory... Dr C Rangarajan returns to Chennai ONGC at KG Basin Excel Generators provide the vital back-up Padma Bhushan for A Ramakrishna Align crops to agro climate endowments… Whistle-Stop Tour of Raghuram Rajan A rich pool of talent not utilised…. TN – agglomerate land holdings without alienating ownership Kinetic Karnataka Welcome changes that testify to Jayalalithaa’s return to health Pharma – overdose of copying The ‘Ayyo-yes’ is no more Where a state respects its litterateurs… Return to king coal for urea... Alexa – Talking Wikipedia Modi storms Silicon Valley Infrastructure funding – lessons learnt Focus on quality of power - its only around 170-180V Quality silica from Neyveli Delhi is distant Telangana in top gear… Inflation: are we emulating Argentina and Brazil? Cutting the nose to spite the face This scant respect for Law TN accounts for the largest recruits by the IT sector Streamlining mandatory third party cover Cement prices continue to rise… There was flood of milk. Reason: no milk commissioner! The few handicaps... WTO Meet: resolved to meet again For whom the MIDS bell tolls? Robber barons everywhere CSR and CMI: promise of another Srinivasan Ramanujan... Protest masters... Rs.1600 crore paper board plant of TNPL For whom the bell tolls? Not just in-laws (and outlaws); they’ve renowned academics at the helm! London, London Narayan No engine for this car Measuring roof tops in terms of KW/MW TELANGANA at last…BUT The nuclear option Mersal magnified Cleaning Ganga – relocate tanneries and install electric crematoria The Swadeshi Trump GM Technology at last! Noble nonagenarians... Tough task taking states together Of course, Gujarat is vibrant China invests in India All eyes on Sankara Nethralaya Tatas moving out of urea production... Recognition to role of NBFCs.... More Shakti to resource mobilisation... More heat than light Kulandai was a giant EVM is tamper-proof Poor quality of university VCs Land reclamation from sea appears cheaper! A glass full of corruption A proud Madrasi The rise and rise of KCP
 
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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