To turn the ambitious ‘Smart City’ vision a reality soon, the government is likely to finalise the guidelines for the Rs 48,000 crore mega project next week.
As the central government’s flagship project has got Cabinet’s approval, the Ministry of Urban Development will work out details for the selection of cities for the project.
After the guidelines are announced, states and UTs will be asked to nominate names of cities for ‘Smart City Challenge Competition’ and the chosen ones will get a central fund of Rs 100 crore each year for 5 years.
The competition will be carried out by Bloomberg Philanthropes, which has been involved in conducting similar competitions in various countries.
According to the plan, 20 cities will be selected this year, followed by 40 each in the next two years.
