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