39 lakh crores required for investments in urban areas until 2032 says Puri

Vastavam web: The investments required in urban areas for a 20-year period between 2012-13 and 2031-32 is estimated to be Rs 39 lakh crore, the government said today.The Ministry of Housing and Urban Affairs has constituted a high-powered expert committee to provide an estimate of investments required for urban infrastructure services, including the maintenance and replacement, the minister of state for housing and urban affairs, Hardeep Singh Puri, said in the Lok Sabha.He said nearly Rs 20 lakh crore has been estimated for operation and maintenance of all cities and towns.

He said 90 “smart cities” selected so far have indicated a total investment of Rs 1.9 lakh crore in their proposals.The central government proposes to give financial support to the smart cities mission to the extent of Rs 48,000 crore over five years – that is Rs 100 crore per city per year for development of 100 cities throughout the year.

The balance funds – as required by the city as per the smart city proposal – are expected to be mobilised by the city from state or ULB’s own resources through collection of user fee, beneficiary charges, impact fee, land monetisation, debt, borrowings from financial institutions including bilateral and multilateral institutes, private sector through PPP and convergence with other missions, he said.