PM Narendra Modi has been traveling to many countries for the sake of bringing “foreign investments” to India. 2 years has passed and no investers came to India. When BusinessLine filed an RTI query on how much foreign funding Indian cities identified under this mission and the reply from the Ministry of Urban Development is “no investment has been received”.
When asked on the size of foreign investment the government expects to receive under this mission, the RTI reply stated, “No study has been done by Ministry of Urban Development in this regard”. The cabinet has approved 48,000 crore for the smart cities for 5 years span.
Pratap Padode, the founder of Smart Cities Council India said “Foreign investment can’t flow just like that. It will come in the form of technology which is a difficult task. Municipalities and city leaders will need to come up with PPP projects where investors can come in after all approvals are in place. There is a deficit of such projects at the moment”.
Andhra Pradesh State Cheif Minister N. ChandraBabu Naidu travelled to many foreign countries to attract investments. He visited US in July and Berlin in May to attract investments for smart cities. While several other countries showed interest in the smart cities, only two MoUs have been signed, The US Trade and Development Agency (USTDA) inked an MoU for Vizag, Allahabad and Ajmer and French Agency for development signed pact to assist Nagpur, Chandigarh and Oulgaret.