Finance Minister Arun Jaitley provided a sum of Rs. 7060 crores in the current financial year for developing 100 smart cities.
Delivering his maiden general budget Speech in Parliament, Jaitley said Prime Minister Narendra Modi has a vision of developing one hundred 'Smart Cities' as satellite towns of larger cities and by modernizing the existing mid-sized cities.
Jaitley said that with development reaching an increasingly large number of people, the pace of migration from the rural areas to the cities is increasing.
The new cities should be developed to accommodate the burgeoning number of people. Otherwise, the existing cities would soon become unlivable.
Earlier today, Jaitley presented his maiden General Budget for the year 2014-15 with the permission of Lok Sabha Speaker Sumitra Mahajan at 11 a.m.
