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B H Kothari - a tribute Kulandai was a giant Dr C Rangarajan returns to Chennai Polls and promises A welcome initiative by the judiciary Adharma of opposition politics A C Muthiah – his munificent bequeaths to science Things happen by accident and not by design... Rahman at CIC A rich pool of talent not utilised…. L&T- the specialty of special purpose vehicles Eternal support for capitalisation of PS banks Colour-Chem’s colourful KRVS CSR and CMI: promise of another Srinivasan Ramanujan... Bihar elections - the Rajaji formula worked Recognition to role of NBFCs.... Fuel for thought Noble nonagenarians... Increasing non co-operation of state leaders More tributes to GR Streamlining mandatory third party cover Plummeting profits of PSBs Boy, can you beat these? Contrarian cousins TN-leverage strength of BHEL, NLC... London, London Narayan Tihar, Puzhal not different from Parappana Agrahara Cutting the nose to spite the face Inflation: are we emulating Argentina and Brazil? There was flood of milk. Reason: no milk commissioner! Building loyalty through the stomach Medical costs hit the roof... Tribute – M V Murugappan Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Preserving for the future The power-full Hindujas No engine for this car GNS - 100: our first subscriber When small is no larger beautiful.. A friendly business group Nuclear power at the nucleus Land reclamation from sea appears cheaper! Paytm karo... Make standards certification mandatory... No mega rail project for Tamil Nadu WTO Meet: resolved to meet again Kinetic Karnataka Tough task taking states together The Ports’ Pasha expands into Tamil Nadu TN accounts for the largest recruits by the IT sector Should we change the official year? Telangana in top gear… Maximising the micro pricing … Solar thermal shines… The ‘Jayanthi Tax.’ Tax agriculture Lesson from Chandrababu Naidu Waning interest in public discussions… 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 Editor's Says He continues the focus on social amelioration IPL - no surprise this scam Roaring Ro-Ro facility CRS, a jewel among managers, is no more. The why of tax incentives Don’t seem to feel the pulse… Solar, solar everywhere … The Gulf aviation boom Pharma – overdose of copying Multi-faceted Venkat Limit foreign borrowings to hi-tech, export potential projects... 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TELANGANA at last…BUT All eyes on Sankara Nethralaya Air Asia India will set new benchmarks for budget travel Delhi is distant… Towards speedy justice When Ratan Tata visited SRM Mu Sigma – is no more The star of Spencers is no more Naidu’s return augurs well for Seemandhra IPL type auction for VCs? The nuclear option Quality education through the PPP mode A proud Madrasi Fortune 500 review PC’s preference for professionals Gas is the way forward Tribute – UCAL Selvan… F C Kohli - his concerns all embracing An inexplicable neglect Wise Presidents The brown list of Venkitaramanan Welcome GST Fortune for Indian Airlines Permanent secretariat for TN GIM Demise of a media baron... Put expensive assets created to use... Funding the un-funded Insurance companies bleeding, yet no decision on increasing FDI limit! Welcome thrust on trade in Modi’s foreign visits... Poor quality of university VCs More Shakti to resource mobilisation... Shipping woes of Chennai companies The Jan Dhan bonanza ONGC at KG Basin GM Technology at last! More Shakthi to Das’ elbow He saved millions from starvation... When nations steal growth from one another… West Bengal: mindless malignancy Lalu’s envy, India’s pride Tatas moving out of urea production... Reliance’s TV – 18 ready to launch Tamil News Channel Breaththrough in malaria control Computation of GDP – conundrums continue Valli, they are more marginalised Russi Mody – a tribute TIAM turns a full cycle Intellectual of rare qualities Cement prices continue to rise… Parliament in paralysis... Marketing expert Balagopal is no more Delhi Chalo... 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The rise and fall of Annamalai University S Ramanathan – a versatile musician, musicologist SoA @ 80 Moily’s bold thrust Robber barons everywhere Godspeed, Chief Minister JJ Another Indian music maestro at the UN Kudos to NDTV... Where is Rajaji? Sweet news for TN sugar mills An enemy’s enemy is a friend Welcome changes that testify to Jayalalithaa’s return to health TGS- The king storyteller Not just in-laws (and outlaws); they’ve renowned academics at the helm! Remembering Indira Sivasailam... A yen for wastage… Alexa – Talking Wikipedia Whistle-Stop Tour of Raghuram Rajan Of course, Gujarat is vibrant New IT products of Ramco in the pipeline… Readers' Mail Online not in line with brick and mortar businesses... IAS invades NDDB... An informal presentation - analytical, forward locking... Music happens Measuring roof tops in terms of KW/MW Odisha: spectacular win by Naveen Patnaik Liberal imports idling indigenous capacities The rise and rise of KCP CIPET hqrs to stay at Guindy – for the present? Quality silica from Neyveli MHC should not return to its old indisciplined ways Modi storms Silicon Valley Silver Years of Madras Musings Engineering seats go abegging Align crops to agro climate endowments… Excel Generators provide the vital back-up The balancing act Sweeter prospects for sugar A Grand Finale for SN’s MS centenary at the US… No Maha Koottani in TN...
 
Infrastructure funding – lessons learnt

At the TN Global Investors Meet dozens of experts discussed in parallel sessions presided over by the state ministers/senior civil servants.

A media person had to contend with a major problem: since these were conducted in parallel, one had to hop from one hall to another to listen selectively  few specialists of one’s choice. The second problem related to the organiser’s presenting too many speakers, each given just five to ten minutes,  that left little time for interactions. One looks forward to the consolidation of the presentations in a book form.

I sat through the session on Enabling Mega Infrastructure projects. Planning & Development Secretary, S Krishnan, made a lucid presentation on the problems encountered by large Infrastructure projects. He threw light on the need for more thorough preparation of funding the projects adequately, as also to anticipate contingencies and developments that would demand higher volume of funding. These will have implications on the viability of the project and the repayment schedules of loans. Krishnan suggested providing for adequate viability gap funding.

The present crisis suffered by banks and other lenders has risen due to the failure on this score. The consequent reluctance of these financial institutions to fund infrastructure projects received attention in this session.

S B Nayar, CMD, India Infrastructure Finance Co Ltd. outlined several measures such as sale and lease back of assets and securitisation. Lack of attention to such details resulted in hundreds of vital projects announced by the UPA I and UPA II governments remaining non-starters. The ultra mega power project concept announced at the beginning of the UPA I regime which held great promise is a case in point. At the closing years of UPA II, Finance Minister P Chidambaram frequently mentioned of projects valued at over Rs 700,000 crore getting stuck for various reasons.

K Venkatesh, MD, L&T Infrastructure Development Projects, pointed to yet another problem: the difficulty of concessionaries to realise fully the promise of toll collections in many of the BOT projects. Venkatesh  also referred to two other issues, of an effective disputes resolution mechanism and the difficulty of settlement of dues. The judicial system and mechanism for settlement outside the traditional legal system both need to be tuned up to deliver quick decisions.

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