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

Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236