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

At the TN Global Investors Meet dozens of experts discussed in parallel sessions presided over by the state ministers/senior civil servants.

A media person had to contend with a major problem: since these were conducted in parallel, one had to hop from one hall to another to listen selectively  few specialists of one’s choice. The second problem related to the organiser’s presenting too many speakers, each given just five to ten minutes,  that left little time for interactions. One looks forward to the consolidation of the presentations in a book form.

I sat through the session on Enabling Mega Infrastructure projects. Planning & Development Secretary, S Krishnan, made a lucid presentation on the problems encountered by large Infrastructure projects. He threw light on the need for more thorough preparation of funding the projects adequately, as also to anticipate contingencies and developments that would demand higher volume of funding. These will have implications on the viability of the project and the repayment schedules of loans. Krishnan suggested providing for adequate viability gap funding.

The present crisis suffered by banks and other lenders has risen due to the failure on this score. The consequent reluctance of these financial institutions to fund infrastructure projects received attention in this session.

S B Nayar, CMD, India Infrastructure Finance Co Ltd. outlined several measures such as sale and lease back of assets and securitisation. Lack of attention to such details resulted in hundreds of vital projects announced by the UPA I and UPA II governments remaining non-starters. The ultra mega power project concept announced at the beginning of the UPA I regime which held great promise is a case in point. At the closing years of UPA II, Finance Minister P Chidambaram frequently mentioned of projects valued at over Rs 700,000 crore getting stuck for various reasons.

K Venkatesh, MD, L&T Infrastructure Development Projects, pointed to yet another problem: the difficulty of concessionaries to realise fully the promise of toll collections in many of the BOT projects. Venkatesh  also referred to two other issues, of an effective disputes resolution mechanism and the difficulty of settlement of dues. The judicial system and mechanism for settlement outside the traditional legal system both need to be tuned up to deliver quick decisions.

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