With revenues expected to an aggregate of $47.70 billion by 2023, the Indian Smart City projects have brought forth a new wave of opportunity as government, private companies and technology come together to innovate smarter cities for the citizens.
Nearly a third of India’s population resides in urban areas. Cities are integral to an economy contributing a vital share to the GDP and also being the main consumers which drives investment in the market. Four year down the line, a number of smart city projects initiated by the NDA government are reaching maturity. The journey of India smart cities till now has been decent in its pace but a number of challenges come to face when trying to transform infrastructure and services for millions. The government earmarked INR 48000 crore for the Smart Cities Mission, a phenomenal statement in itself.
The Smart City projects brought forth a new wave of opportunity with collaborations from Central and State Governments, Private Technology Players, Angel Investors, Urban Municipal Bodies and Innovators. The first 100 Smart cities mission expects an investment over $15 Billion in the next few years. The vision is to move towards efficient and effective management solutions and infrastructure for diverse urban environment needs. The planning of projects involved observing global best practices looking at ground realities and challenges. Smart city initiative will also be a fuel for investment in the cities which will in turn work in the favor of bringing jobs.
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