"The Smart City project requires investment and I can assure you it will be a safe investment," Union Urban Development Minister M Venkaiah Naidu said here today assuring the prospective investors in the project.
     
The government has announced Rs 48,000 crore for development of 100 Smart cities out of which 98 names were declared and rest two will be nominated in due course.
      
States/UTs and Urban Local Bodies have to make an equal matching contribution. This in effect means that central and state governments and ULBs will invest Rs 96,000 crore over the next five years for making 100 chosen cities smart, Naidu said.
     
UD Ministry will provide Rs 100 crore per city per year over the next five years. Naidu, however, said additional resources have to be mobilised from other sources including collection of user fees, beneficiary charges, land monetisation, debts and loans to execute the project.
     
"Borrowings from financial institutions, accessing National Investment and Infrastructure Fund and from private sector through PPPs are also options available for the project," the UD minister added.
     
"World’s leading technology solution providers have been keenly awaiting the unveiling of the contours of the Mission. Our own private sector is looking forward to take advantage of the investment opportunities," he said.

 

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