Abstract
The purpose of the Smart Cities Mission, initiated by the Government of India, is to promote economic growth and improve the quality of life of its citizens by harnessing technology and enabling local area development. The Smart Cities projects in India are expected to drive investments worth Rupees Two Lakh Crores (USD 28.09 Billion) over the course of the project. This essay is centered on the financial framework of the Smart Cities Mission. It outlines the smart city landscape along with other urban transformation missions in India. The key differentiating drivers, the various sources of financing, and the mechanism called Convergence are further discussed. The Smart City projects are characterized by attributes that allow cities to leverage integration of funds from different schemes. The Agra Smart City Limited example elaborated on in this essay illustrates the governance structure in place for implementing and monitoring the mission. A deep dive of the tendering process in the Agra Special-Purpose Vehicle (SPV) case explains the vendor management process. This includes vendor selection, vendor payment, and disbursal of payments.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
