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