FDI Norms Relaxed to Attract Global Investors
Urban Development Minister Venkaiah Naidu states his plans of wooing global investors for tapping opportunities in the urban sector of India that holds potential worth 140 billion dollars. This is in view of the upcoming Smart Cities that have been planned to be developed by the Centre in the coming years.
At the inauguration of the fourth ‘Smart City Expo World Congress’ held in Barcelona, Spain, Urban Development minister announced his plans of relaxing the FDI norms in the real estate and construction sector, a step that he believes will help in attracting global investors. Barcelona which is a model smart city by international standards, conducted the event where Naidu was invited as the Chief Guest by the Mayor.
Minister, Naidu is responsible for leading a 35 member Indian delegation on their visit to the Smart City Congress. The members comprise of Chief Minister of Punjab, Sukhbir Singh Badal apart from many other elected representatives, senior officials from states, urban planners, experts and academicians.
Smart City Plans: The Urban Minister is also reported to have informed the participants that the initiatives of the urban sector offer and investment opportunity worth 140 USD spanning over next 20 years and has been estimated to be approximately Rs. 42000 crore per year.
FDI norms have been liberalised in the real estate and construction sector in order to attract investors for large scale domestic and private investments on which the development of smart cities are depending.
Targets of Smart City: The minister in his inaugural address is reported to have discussed his aims towards developing the 100 smart cities in India. The efforts taken will primarily address issues concerning energy and water consumption, implementation of inclusive and sustainable urbanisation, climate change and governance.
Challenges: The government is aware of the many challenges it shall be facing in developing the Smart Cities. They have also taken up the daunting task of ensuring basis infrastructure in over 500 cities and towns, development of heritage sites and providing houses for the urban poor. However, overcoming these hurdles is a part of the development task and necessary to urbanise India which is necessary for the economic growth of the country.
Source: The Hindu
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