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