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