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