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Odisha: spectacular win by Naveen Patnaik Which side are you, Montek? EVM is tamper-proof More tributes to GR …and of a popular trade leader Make standards certification mandatory... TN accounts for the largest recruits by the IT sector Fuel for thought Scientists urged to take up farmer-oriented research Medical costs hit the roof... L&T: focus on infrastructure and more infrastructure… The sea- saw battle continues... Rs.1600 crore paper board plant of TNPL The star of Spencers is no more Tribute Contrarian cousins Permanent secretariat for TN GIM Funding the un-funded Build close rapport with business leaders Sweeter prospects for sugar TIAM turns a full cycle A friendly business group Polls and promises The ‘Ayyo-yes’ is no more Bihar elections - the Rajaji formula worked Tough task taking states together Put expensive assets created to use... The Jan Dhan bonanza Insurance companies bleeding, yet no decision on increasing FDI limit! Nuclear power at the nucleus EEC at the National Media Centre CRS, a jewel among managers, is no more. Strengthen the base... For whom the MIDS bell tolls? He continues the focus on social amelioration Airlines in India: cost and space Excel Generators provide the vital back-up This scant respect for Law SoA @ 80 China invests in India Land reclamation from sea appears cheaper! When the President was rendered homeless… Focus on quality of power - its only around 170-180V Editor's Notes Towards speedy justice Preserving for the future Return to king coal for urea... Fortune for Indian Airlines He saved millions from starvation... The ‘Jayanthi Tax.’ Lesson from Chandrababu Naidu TN-leverage strength of BHEL, NLC... TGS- The king storyteller When online building permits work…. An informal presentation - analytical, forward locking... Tribute – M V Murugappan Welcome thrust on trade in Modi’s foreign visits... When TN politicians can emulate Kerala's Where a state respects its litterateurs… Increasing non co-operation of state leaders Tihar, Puzhal not different from Parappana Agrahara When Ratan Tata visited SRM S Ramanathan – a versatile musician, musicologist Chennai and Kolkata miss opportunity to grow as Delhi and Mumbai Discoms deserve better… GM Technology at last! F C Kohli - his concerns all embracing Infrastructure funding – lessons learnt Alexa – Talking Wikipedia Tribute – Manikam Ramaswami Another Indian music maestro at the UN CII projects higher growth… Road development slows down Valli, they are more marginalised Five star activism stalls development activity Why this malaise in medical education? Muffled voices for merit… Fortune 500 review PC’s preference for professionals Delhi is distant Recognition to role of NBFCs.... 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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 Delhi Chalo... Delhi is distant… Mersal magnified Varuna (rain) in 2015; Vaayu (air) in 2016. Chennai devastated Welcome GST Fall in crude prices help in oil sector reform The few handicaps... Editor's Says Welcome focus on core competence Engineering seats go abegging Tatas moving out of urea production... Kulandai was a giant Things happen by accident and not by design... Bihar – Nitish Kumar adopts the Lalu model Poor quality of university VCs Mu Sigma – is no more L&T- the specialty of special purpose vehicles An enemy’s enemy is a friend Colour-Chem’s colourful KRVS CIPET hqrs to stay at Guindy – for the present? Roaring Ro-Ro facility Why land prices zoom in TN? 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TELANGANA at last…BUT Naidu’s return augurs well for Seemandhra IPL - no surprise this scam Naidu will soon build a new Hyderabad Solar, solar everywhere … Modi and the lady London, London Narayan Don’t seem to feel the pulse… When small is no larger beautiful.. A C Muthiah – his munificent bequeaths to science S V Raju – a ‘good’ true liberal MHC should not return to its old indisciplined ways The nuclear option PPP mode for upgrading Corporation Hospitals Measuring roof tops in terms of KW/MW Limit foreign borrowings to hi-tech, export potential projects... Rahman at CIC Tribute – UCAL Selvan… Building loyalty through the stomach Marketing expert Balagopal is no more Quality education through the PPP mode How Air-India loses customs... Where is Rajaji? The Gulf aviation boom GNS - 100: our first subscriber Protest masters... The brown list of Venkitaramanan Not just in-laws (and outlaws); they’ve renowned academics at the helm! Multi-faceted Venkat Godspeed, Chief Minister JJ Noble nonagenarians... Tatas moving out of urea production... Robber barons everywhere Auto components surge… Revving up the manufacturing sector Banning booze... Delhi returns to BJP Adharma of opposition politics Eternal support for capitalisation of PS banks Kudos to NDTV... WTO Meet: resolved to meet again New IT products of Ramco in the pipeline… Diamond jubilee of Egmore Samskrt School Russi Mody – a tribute Streamlining mandatory third party cover The why of tax incentives Telangana in top gear… Inflation: are we emulating Argentina and Brazil? Air Asia India will set new benchmarks for budget travel Silver Years of Madras Musings A yen for wastage… Cutting the nose to spite the face Liberal imports idling indigenous capacities Vibrant Gujarat Parliament in paralysis... A glass full of corruption Haul over the coal
 
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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