Govt allocates Rs 7,060 crore for 100 smart cities

Tags: News
The government today proposed an allocation of Rs 7,060 crore in this financial year for developing 100 'smart cities' in the country.

"The Prime Minister has a vision of developing 100 smart cities as satellite towns of larger cities and by modernising the existing mid-sized cities. With development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing," Finance Minister Arun Jaitley today said while presenting the Budget for 2014-15.

The new cities should be developed to accommodate the burgeoning number of people, otherwise, the existing cities would soon become unlivable, he added.

"To encourage development of smart cities, 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 $10 million to $5 million, respectively with a three year post completion lock in," the Minister said.

He added that projects committing at least 30 per cent of the total project cost for low cost affordable housing, will be exempted from minimum built up area and capitalisation requirements, with the condition of three year lock-in.

EDITORIAL OF THE DAY

  • Jobless growth is the biggest challenge for the Narendra Modi government

    Quality jobs that pay handsomely is the biggest indicator of the health of an economy, especially in a developing country like India.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

<b>Cut & Thrust:</b> At the cost of human life

Can we put a cost to human life? The incident ...

BK Chaturvedi

Committed, yet miles to go

Swachh Bharat is a mission to which everyone is committed. ...

Rajgopal Nidamboor

Soul consciousness and reason

The soul, in the philosophical writings of ancient Greece, has ...