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