India undoubtedly is one of the few countable countries which is running on the massive success track. Amidst the global depressing states and challenges from competitions in several sectors, she has proved her metal and managed to lead the way in most areas. The global observers mark the current era as one of the most important one for the country; this is because they see tremendous changes which are ought to happen (similar to the 1991 industrial reforms). The plan for raising 100 Smart Cities all over the country is a massive step towards the formation of the new age India.
There has been adequate discussions about the subject of evolution of Smart Cities in India, as much as today people from every region are aware (at least have an idea) about something like it is in the development pipeline. According to the recent findings, the urban population makes up for a 30% share of the total distribution. This is the major slice on which the government is eyeing to play on for the making of smart cities.
The project is a prestigious one for the Indian government as it is something which will be a landmark (if achieved) within the said time duration. However, there are multiple hurdles that are ought to be mushrooming throughout the process. There are a lengthy scale of difficulties even before the start of the project. Amongst all of them, investments and its sources top the list understandably.
The Cost and Where’s it gonna come from?
A total expense (presently) is estimated to be around 98,000 crores INR for the completion of 100 smart cities. The authorities are striving their best in sourcing funds for the project. They aren’t leaving any stone unturned and knocking the doors of every possible investor around the globe.
Smart Cities in India needs an expense of 48,000 crs INR in 5 years, with an average of 100 crore per city annually
The government has already allotted $1,2 billion (706 billion INR) from the annual union budget 2014-15 for smart cities project. Further such allocations are likely possible in regular intervals.
World Bank and other Investors:
World Bank seems to be among the biggest sources from which there are huge expectations. Moreover, investor parties from all developed nations mainly-US, UK and the Middle East are looked upto for investments.
Infrastructure developments in these smart cities will be another challenges as it has to be a “never before” sorts completely unlike even from the current hi-tech cities of India. UAE real estate companies are eager to take part in these projects as they have immense experience in setting up infrastructure and beyond for smart cities. There are developments of firms from the region have formed investment groups which will specially pump in money for the said projects around Indian soils. Few companies have even started meeting the heads of center and states in India with regards to the same.
As per the plan put through from the authorities, every state in India will at least house one smart city to start with.