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India is seeking foreign investments to develop 12 industrial smart cities, integrating advanced infrastructure for economic growth and job creation.
India is actively seeking investments from other leading countries like Japan and Singapore to develop its proposed ambitious industrial smart city project, which will cut across 12 new cities in the country. Last week, the government approved an outlay of Rs 28,602 crore for the new cities to serve as drivers for the achievement of economic growth, job creation, and sustainable development in the economy.
The project focuses on the development of industrial hubs with smart infrastructure solutions like IoT, AI, and automation technologies, designed to optimize resource use, improve energy efficiency, and foster innovation. These smart cities will provide businesses with state-of-the-art facilities to set up operations, while also creating a thriving local ecosystem that benefits both industries and residents.
The government is specifically interested in partnerships with foreign investors to further these smart cities. Efforts are being taken in this direction as companies from countries like Singapore and Japan have also been in the discussion, although still at the initial stage. It will seek foreign expertise and investments to establish new-age industrial infrastructure that would attract global businesses and make a significant contribution to the "Make in India" initiative, providing employment to millions. The plan is to create a network of cities, which will be interconnected by efficient transport and logistics systems, thus acting as economic growth engines.
The newly sanctioned industrial smart cities are to be strategically placed across India, such as Gaya (Bihar), Agra (Uttar Pradesh), and Jodhpur-Pali (Rajasthan), and are to be ready for operation by 2027. They are to receive collaborative investments from central and state governments, besides private sector investments. In the long term, India looks forward to having these smart industrial cities generate significant employment opportunities. The investments will be around Rs 1.5 lakh crore.
India's industrial smart city initiative is set to revolutionize the country's infrastructure landscape with sustainable urban growth and support transition to a more technologically advanced economy.
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