Rs 1 lakh crore to be spent on urban development over five years
The Dollar Business Bureau The Union Cabinet chaired by the Prime Minister Narendra Modi, on Wednesday, gave its approval for the Smart Cities Mission and the Atal Mission for Rejuvenation and Urban Transformation of 500 cities (AMRUT). Individual outlays of Rs 48,000 crore and Rs 50,000 crore have been approved for spending under the two missions for the development of ‘smart cities’. Besides this, the Union Cabinet also gave its approval for the Central Government to spend over Rs 1 lakh crore on urban development over the next five years, under two new urban missions. According to the release, each city selected for development under the ‘Smart Cities’ initiative, would be getting a central assistance of Rs 100 crore ...
