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