The Indian government is in talks with the World Bank to avail some initial funding for its ambitious '100 Smart Cities' and 'AMRUT' initiative for urban revitalisation.
The Narendra Modi led NDA government has launched series of initiatives to uplift the Indian economy and its people. The '100 Smart Cities', 'AMRUT' - Atal Mission for Rejuvenation and Urban Transformation and 'Housing for All by 2022' are some of the key initiatives.
The government has already committed Rs 48,000 crore for the 100 Smart Cities mission and another Rs 50,000 crore for the AMRUT – which aims to develop another 500 cities. However, the actual cost is likely to be much more.
The World Bank's country director, Onno Ruhl at the launch of its report on urbanisation - Leveraging Urbanisation in South Asia: Managing Spatial Transformation for Prosperity and Livability - said "The World Bank is in discussions with the Indian government to provide some funding in the initial stages for the smart cities and AMRUT programmes."
"India's urbanisation drive will be the biggest of its kind in the next 30 years. The government's implementing of the 14th Finance Commission recommendations will help in devolving finances to states for the programme," Ruhl said.