Delhi-Mumbai corridor seeking Rs 7,500-cr budget allocation for ‘smart city’ projects
An allocation of Rs 7,500 crore is being sought by the Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) in the Union Government’s Budget, for an ambitious experiment — three ‘smart city’ projects.
The experiment for which the DMICDC is seeking the Rs 7,500-crore budget allocation will likely get the go-ahead from the Narendra Modi-led government which is already in the process of initiating an overhaul of the country’s infrastructure projects.
The DMIC Trust was scheduled to meet on Wednesday to discuss the demand for the mentioned funds in the Budget. The demand for funds is likely to be put forth by the DMIC even though the Finance Ministry has expressed concerns about the ambitious project’s slow implementation; with questions also having been asked about some of the agreements signed by the company.
The execution of the massive project involves the setting up of seven greenfield smart cities between Delhi and Mumbai, at an estimated investment of more than $100 billion. Cheap financial support for the project will be provided by Japanese government agencies; while equity and land will be provided by the Centre and the states.
According to the information shared by unidentified sources, the equity will be used for the special purpose vehicle in Dholera in Gujarat, where a new city is planned, as well as a similar project in Shendra – at a 17-km distance from Aurangabad – in Maharashtra.
Source – The Times of India
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