 "Projects of $7 bn on the offer in round one of Smart Cities")
The Indian urban juggernaut has begun rolling showcasing projects worth $ 7 billion as its first offering in the twenty lighthouse cities that have made it to the first round. The government is set to announce another 13 to 14 cities very soon taking the total to 34 that will be financed in the first round under the Smart City Mission, a flagship initiative of the government of India.
“We will announce the next set of cities in one or two days and these will be included in the first set of cities that will receive the first tranche of funding,” said Venkaiah Naidu, Minister for Urban Development, Housing & Urban Poverty Alleviation and Parliamentary Affairs, yesterday at the CII Smart City Investors Meet in New Delhi.
Emphasising on the role of the private sector in the development of smart cities and urbanising India, Naidu said that there is an urgent need to involve the private sector and bring in their expertise and technology to meet the aspirations of the citizens in these cities.
The global interest in India’s smart city mission was on display in the investors’ meet which was attended by ambassadors of the US, Japan, South Korea, Spain and the High Commissioner of UK among others. The day long convention brought together diverse stakeholders from solution providers to city corporate’s, policy makers and foreign investors.
Elaborating on the new and innovate financing means that cities will be adapting, Venkaiah Naidu said that cities are looking at monetising land assets, introduction of user charges and tax incentive financing. “Citizens have paid and are willing to pay user charges as long as they get assured and quality services and this would be the biggest ask from the service and solution providers.”
According to Ravi Parthasarathy, chairman CII Smart City Mission, smart cities have emerged as new nodes of growth, a fact that resonates with both local & global constituencies in contemporary times.
“We will announce the next set of cities in one or two days and these will be included in the first set of cities that will receive the first tranche of funding,” said Venkaiah Naidu, Minister for Urban Development, Housing & Urban Poverty Alleviation and Parliamentary Affairs, yesterday at the CII Smart City Investors Meet in New Delhi.
Emphasising on the role of the private sector in the development of smart cities and urbanising India, Naidu said that there is an urgent need to involve the private sector and bring in their expertise and technology to meet the aspirations of the citizens in these cities.
The global interest in India’s smart city mission was on display in the investors’ meet which was attended by ambassadors of the US, Japan, South Korea, Spain and the High Commissioner of UK among others. The day long convention brought together diverse stakeholders from solution providers to city corporate’s, policy makers and foreign investors.
Elaborating on the new and innovate financing means that cities will be adapting, Venkaiah Naidu said that cities are looking at monetising land assets, introduction of user charges and tax incentive financing. “Citizens have paid and are willing to pay user charges as long as they get assured and quality services and this would be the biggest ask from the service and solution providers.”
According to Ravi Parthasarathy, chairman CII Smart City Mission, smart cities have emerged as new nodes of growth, a fact that resonates with both local & global constituencies in contemporary times.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%