Addressing Smart Cities India Expo here, he said the development of smart cities or towns would have to be done "smartly".
The smart city concept should be practical, doable and affordable, which can be deliberated, discussed and then implemented, he added.
"We got to think smart when we think of smart cities or smart technologies playing a role in India. How can we do it customised to the Indian context. How can we do it with the bare bone essentials, which would help have an impact. How can we do it to scale so that we can leverage the large economies of scale," Goyal said.
The minister said the power of economies of scale, the power of leveraging billion plus aspiring individuals, ensuring affordability to make a programme self sustainable, practical application in the Indian context are the keys to the implementation of smart cities.
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Goyal said India has certain challenges but the country that has demographic advantage also offers huge market opportunities.
He talked about importance of disposal of wastage for the smart city movement and stressed on the need for adequate dustbins at an affordable cost.
"That's the smart meter I am looking for. I don't think it should cost more than USD 12-15. If we can do it at USD 15, I have a proposition of 250 million smart meters. That is the scale at which India offers opportunities," he said.
On energy efficiencies, Goyal highlighted that the Centre is running a 770-million LED bulb programme, which will cost less than USD 1 billion with no government investment.