Union Budget 2014-15: FM to allocate Rs7,060 crore for development of 100 smart cities

Finance minister Arun Jaitley has provided a sum of Rs7,060 crores in the current financial year for development of 100 smart cities.

Announcing in his maiden budget speech in the parliament, Jaitley said that the prime minister had a vision of development of 100 'Smart cities' as satellite towns of larger cities and by modernising the existing mid-sized cities.

According to the finance minister with development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities was increasing.

The new cities would be developed to accommodate the burgeoning number of people, otherwise the existing cities would soon become unlivable.