Allocation of Rs 7060 crore for 'Smart Cities'
Updated: Jul 10, 2014 02:45:59pm
New Delhi, Jul 10 (KNN) The Finance Minister Arun Jaitley has provided a sum of Rs 7060 crore in the current financial year for developing 100 smart cities. He said that the Prime Minister has a vision of developing one hundred ‘Smart cities’ as satellite towns of larger cities by modernizing the existing mid-sized cities.
The Finance Minister said that with development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing. The new cities should be developed to accommodate the burgeoning number of people. Otherwise, the existing cities would soon become unliveable.
“A neo middle class is emerging which has the aspiration of better living standards. Unless, new cities are developed to accommodate the burgeoning number of people, the existing cities would soon become unliveable,” Jaitley said in his Budget speech.
“To provide the necessary focus to this critical activity, I have provided a sum of Rs 7,060 crore in the current fiscal,” he added.
To encourage development of Smart Cities, which will also provide habitation for the neo-middle class, “requirement of the built up area and capital conditions for FDI is being reduced from 50,000 square metres to 20,000 square metres and from USD 10 million to USD 5 million respectively with a three year post completion lock in,” he said.
National Industrial Corridor Authority, with its headquarters in Pune, is being set up to coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, which will be the cornerstone of the strategy to drive India’s growth in manufacturing and urbanization, Finance Minister said adding, “I have provided an initial corpus of Rs 100 crore for this purpose.” (KNN/SD)
The Finance Minister said that with development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing. The new cities should be developed to accommodate the burgeoning number of people. Otherwise, the existing cities would soon become unliveable.
“A neo middle class is emerging which has the aspiration of better living standards. Unless, new cities are developed to accommodate the burgeoning number of people, the existing cities would soon become unliveable,” Jaitley said in his Budget speech.
“To provide the necessary focus to this critical activity, I have provided a sum of Rs 7,060 crore in the current fiscal,” he added.
To encourage development of Smart Cities, which will also provide habitation for the neo-middle class, “requirement of the built up area and capital conditions for FDI is being reduced from 50,000 square metres to 20,000 square metres and from USD 10 million to USD 5 million respectively with a three year post completion lock in,” he said.
National Industrial Corridor Authority, with its headquarters in Pune, is being set up to coordinate the development of the industrial corridors, with smart cities linked to transport connectivity, which will be the cornerstone of the strategy to drive India’s growth in manufacturing and urbanization, Finance Minister said adding, “I have provided an initial corpus of Rs 100 crore for this purpose.” (KNN/SD)
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