Smart cities to attract over Rs. 2-lakh cr investments: Naidu

NEW DELHI, April 30: A minimum investment of Rs 2 lakh crore will flow in over the next five years for development of urban areas across the country, with nearly half the amount coming in from state and local bodies, Union Minister Venkaiah Naidu said on Thursday. The Union Cabinet on Wednesday approved the government's flagship 100 smart cities project and the new urban renewal mission with a total outlay of about Rs 1 lakh crore. Read the full story here "A minimum investment of over Rs 2 lakh crore would flow into urban areas over the next five years since states and local bodies would mobilise matching resources ranging from 50-66 per cent," Naidu said on Thursday. The Minister for Urban Development and Housing further said the initiative would help make the urban life comfortable given the large-scale migration taking place from rural areas. "Urbanisation is a reality and you can't reverse it. People are migrating from rural areas because of five needs, education, entertainment, employment, economic opportunities and enhanced healthcare, which are mostly concentrated in urban areas. So we have to make urban life comfortable and liveable and useful to people...," Naidu said. Urban areas have issues like pollution, congestions, encroachments and urban governance is in a mess. "We have to think in terms of rejuvenation of our urban areas and bring back the governance," he added. "The smart cities are the flavour of the season. To make smart cities you need smart leadership," Naidu said while delivering the keynote address in a session at 'National Leadership Conclave' organised by All India Management Association.