Smart Cities in India-Business Opportunities in Amaravati City, 2017
LONDON, Oct. 4, 2017 /PRNewswire/ -- The greenfield development offers substantial opportunity for OEMs and Project Implementation agencies
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Urbanization in India is expected to reach 40% with over 600 million population living in urban areas contributing to 70% of GDP by 2030.
To meet the burgeoning infrastructure needs, the GoI launched the 100 Smart City Mission during April 2015 which has been planned to be implemented through area based approaches.
Each city will get Central assistance to the tune of INR 500 Cr. for 5 years. The remaining money has to be raised by the Smart city corporations.
The Smart city proposals shall be implemented through Special Purpose Vehicle (SPVs) - incorporated under the Companies Act, 2013 at the city-level.
The SPV would have the State/UT and the ULB as the promoters having 50:50 equity shareholding. The private sector could be considered for taking equity stake in the SPV.
The Andhra Pradesh Re-organization Act, 2014 (central Act 6 of 2014) which came into force on 2nd June 2014 provided for the reorganization of existing State of Andhra Pradesh.
The Central Government assisted the state in identifying Amaravati – north of Vijayawada - for new capital development.
The state Government constituted Capital Region Development Authority (CRDA) as the nodal agency for development of the new capital.
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