A meeting chaired by Prime Minister Narendra Modi approved Smart Cities Mission for development of 100 smart cities and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) of 500 cities with outlays of Rs 48,000 crore (Rs 480 billion) and Rs 50,000 crore (Rs 500 billion) respectively, according to a statement issued by the Urban Development Ministry.
Each selected city under the scheme would get central assistance of Rs 100 crore (Rs 1 billion) per year for five years.
Smart City aspirants will be selected through a ‘City Challenge Competition’. The financing will be linked with the ability of the cities to achieve the mission objectives.
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