By Accommodation Times News Service
The Ministry of Urban Development has approved an investment of INR1.24 lakh crore for improving basic urban infrastructure. This includes INR 78,000 cr investment under Smart City Plans of 33 cities and another INR 45,935 cr under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
As against plan allocation of INR 21,000 for 2016-17, the Ministry of Urban Development has incurred an expenditure of INR 14,725 cr till August this year.
Speedy implementation of new urban missions launched last year has resulted in the Ministry of Urban Development spending 70% of Plan Funds for 2016-17 during the last five months of the current financial year. This was revealed during a review of progress under different missions taken by the M Venkaiah Naidu, Minister of Urban Development.
Under the initiative of credit rating of urban local bodies, 85 cities have launched the process and the same has been completed in respect of 12. Ahmedabad Municipal Corporation and New Delhi Municipal Council (NDMC) have got A- – rating (positive credit worthy). All these 85 cities would be given credit rating by March next year. Pune and Ahmedabad are in advanced stage of going for municipal bonds.