The initiative to build 100 smart cities across the country is a "decisive step" and will create a significant multiplier effect for over 250 core and ancillary sectors including infrastructure, logistics and modern retail, Assocham President Rana Kapoor said.
"Sectors like housing, transport, sanitation and power supply will require significant investment. An increase in infrastructure investment equivalent to 1 per cent of GDP can create an additional 34 lakh jobs," he added.
Modi launched three urban development schemes, saying urbanisation should be viewed as an opportunity and urban centres should be seen as growth engines.
While 500 cities will be developed under AMRUT scheme, there would be 100 smart cities over five years and Housing for All aims at construction of two crore houses in urban areas in the next seven years, Modi said.

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