Economy
Framework for 100 smart cities to be ready by February says Aggarwal
According to the Urban Development Secretary, in next two days the government will complete the process of identification of 100 cities, which it wants to make smart
 
The framework for Prime Minister Narendra Modi's ambitious project of developing 100 smart cities will be finalised by next month-end, Union Urban Development Secretary Shankar Aggarwal said.
 
"In another two days we will complete the process of identification of the 100 cities which we want to make smart. We are working on the guidelines and we expect the framework will be ready by 28th February," Aggarwal told reporters on the sidelines of an event in Mumbai.
 
The Urban Development Secretary delivered his keynote address at an interactive panel discussion on 'Smart Cities in India: Reality in the Making' jointly organized by MVIRDC World Trade Centre and All India Association of Industries along with the Indo-French Chamber of Commerce & Industry. 
 
Aggarwal said, the government's vision is to develop cities with technology-based governance that will enable efficient public services and have 24x7 water and power supply, 100% sewerage, drainage and solid waste management facilities, besides top class infrastructure.
 
The government expects a large contribution from the private sector in developing the cities, he added.
 
"We plan to develop these cities on public private partnership basis. Every city would on an average need investments to the tune of Rs1,000 crore over next 10 years. We want the private sector to contribute largely, nearly 80-85 per cent, towards this development," Aggarwal said.
 
The ministry has asked the states to ensure that the cities which are picked under the smart cities initiative meet the broad contours listed by it, including economically viable cities, meeting the requirements of 'e-governance', 'Swachh Bharat' and 'Make in India'.
 
"The Centre will take a final call based on criteria like cities accounting for 54 per cent of incremental GDP till 2025, hill and coastal areas, tourist and religious centres and mid-sized cities," he added.
 
While attempting to define the smart city concept, Sanjay Sethi, Additional Metropolitan Commissioner-I, Mumbai Metropolitan Region Development Authority (MMRDA) said that the right definition would emphasize the process of creating a smart city and not the final product. 

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COMMENTS

Jyoti Dua

2 years ago

Before declaring the list of cities to be developed into smart cities, the sale of property in those cities be frozen.

HDFC December quarter net profit up 12% to Rs1,425 crore

HDFC’s third quarter net profit rose to Rs1,425 crore on 14% increase in total revenues, including interest income and growth in loan book

 

Housing Development Finance Corp (HDFC) on Thursday reported a 12% increase in its third quarter net profit mainly on higher demand for home loans in the tier-II and tier-III towns.
 
For the quarter to end-December, the home loan lender said, its net profit rose to Rs1,425 crore from Rs1,277 crore while total revenues, including interest income, rose 14% toRs6,871 crore, same period last year.
 
As on 31 December 2014, HDFC's loan book stood at Rs2.2 lakh crore compared with Rs1.92 lakh crore last year.
 
HDFC closed Thursday 2.6% down at Rs1,309 on the BSE, while the 30-share Sensex ended the day marginally higher at 29,681.
 

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India tops in Credit Suisse emerging consumer scorecard 2015

In India, more people believe this is a good time for making big ticket purchases as the average household income increased by around 10% in 2014, Credit Suisse says in its Emerging Consumer Scorecard

 

Consumer optimism in India has seen a sharp turnaround and the country has been ranked first among nine nations surveyed by Credit Suisse, thanks to a stable Government and easing inflationary pressures.
 
According to the Credit Suisse Emerging Consumer Scorecard 2015, India topped the chart, moving up from fourth in last year’s list. India was followed by Brazil and Indonesia.
 
“Consumer optimism has seen a sharp turnaround in 2014. The formation of a strong Government at the Centre has triggered a major revival in consumer sentiment,” said the survey that covered Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa and Turkey.
 
In India, more people believe this is a good time for making big-ticket purchases as the average household income increased by around 10% in 2014 after being relatively steady in the two previous years.
 
Moreover, there was a sharp increase in the proportion of respondents who expect both salary to increase and the state of their personal finances to improve in 2015 and fewer people are expecting inflation to increase.
 
As for other rankings, Saudi Arabia was at the fourth place, followed by China (fifth), Turkey (sixth), Mexico (seventh), Russia (eighth) and South Africa (ninth).
 
According to the report, India, Turkey and China are less directly exposed to the current commodity and currency volatility versus Russia, Latin America and South Africa.
 
“The survey shows the contrasting impact of the oil price collapse on emerging markets. Consumer sentiment in Russia and key Latin American economies is under pressure, in contrast to India where the consumer looks robust, helped by reforms,” Credit Suisse’s Global Head of Research for Private Banking and Wealth Management Giles Keating said.
 
The survey further noted that the long-term structural growth potential of India remains intact as it has one of the lowest penetration rates across categories in the nine emerging markets surveyed.
 
With the exception of selected countries such as Indonesia, most other emerging markets are well ahead of India in terms of market maturity. India is one of the countries with the lowest consumption of items such as beer, spirits, meat, cigarettes and the lowest ownership of cars as well as the lowest access to Internet.
 
The outlook for e-commerce looks bullish across the nine countries and particularly in India.
 
The share of respondents in India that have used the Internet for online shopping increased to 32% from 20% in 2013. Besides, those likely to use the Internet for online shopping in the future is now higher than that of China, the report added.
 

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COMMENTS

Sudhir Bhargava

2 years ago

Credit to Modi govt that India stands at top in consumer confidence and average household could increase income by 10% during last one year.

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