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