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