Urban development sector offers myriad of opportunities: Naidu

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Inaugurating the 4th Smart City Expo World Congress at Barcelona in Spain, where he was invited by the Mayor of Barcelona as chief guest for the event, Minister for Urban development M Venkiah Naidu asked for countries and corporates to invest in India’s urban development sector where USD140 billion could be invested over the next 20 years.

Naidu said the Indian government “has recently liberalized foreign direct investment norms in real estate and the construction sector, and several initiatives are also being taken to improve the ease of doing business in the country”.

He added, “The Indian government’s initiatives in the urban sector offer an investment opportunity of about USD140 billion over the next 20 years (Rs.42,000 crore per year).”

“India would like to gain from the experience of planning and execution of smart city practices of Barcelona,” said a statement here citing the minister.

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