Market Research Report : Smart cities market in india 2015 - Press release

FOR IMMEDIATE RELEASE India Smart Cities Market Outlook – Rising Migration from Villages to Urban Areas Will Drive Growth Netscribes, Inc. launches a report on the Smart Cities Market in India 2015 covering a market with strong growth potential. It is a part of Netscribes’ Technology Industry Series.

Mumbai, India – July8, 2015 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Smart Cities Market in India 2015’. In India, the urban population is currently 31% of the total population and it contributes over 60% of India’s GDP. It is projected that urban India will contribute nearly 75% of the national GDP in the next 15 years. As a result, proper planning while developing cities and the need to create a sustainable economic environment has become very important. The rising population of the country along with the consequent need for urbanization will ensure that the market for Smart Cities in India will experience increased demand.

Netscribes’ latest market research report titled Smart Cities Market in India 2015 states that a large amount of investments has been planned for Smart Cities in India. However, it will take some time to generate considerable returns on investments as the concept has just been initialized. The Government of India has allocated INR 70.6 bn in the Union Budget 2014-15 to develop 100 Smart Cities in the country. To encourage development of Smart Cities, with respect to FDI in the construction development sector, the condition for built up area has also been reduced from 50,000 sq. m to 20,000 sq. m. Relaxed norms and increased government initiatives will ensure that investment in Smart Cities will continue to rise.

The Union Cabinet has approved the central government spending worth INR 980 bn under two new urban missions over the next five years. The two schemes, INR 480 bn for Smart City Mission and INR 500 bn for Atal Mission for Rejuvenation and Urban Transformation, may merge at some point. The Smart Cities will provide good infrastructure such as water, sanitation, reliable utility services, health care; attract investments; transparent processes that make it easy to run a commercial activities; simple and on line processes for obtaining approvals, and various citizen centric services.

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