India's business environment has improved but much more needs to be done across dimensions such as land acquisition, dispute resolution and procurement process to propel its global standing, says a report.
According to a World Economic Forum-PwC report, institutional, business and sectoral reforms are needed to increase private sector collaboration in India's smart city initiatives.
"State governments, local government and newly constituted special-purpose vehicles will need to drive the reforms agenda forward by ensuring the permitting process is simplified and risk-sharing in public-private partnership is optimal," said Neel Ratan, Leader, Government and Public Sector, PwC India.
The report noted that with the inception of the ambitious smart city programme, private sector will play a pivotal role in the execution of the urban development projects in India.
Moreover, urbanisation in India will accelerate as the population in urban areas is set to reach 814 million by 2050, and the country needs to develop world class cities to compete at a global scale.
"Urban rejuvenation programmes coupled with fundamental reform will go a long way in helping India develop globally competitive cities and a congenial business environment will go a long way in ensuring adequate private sector participation for helping Indian cities become top-notch," the report said.
"While cities in India plan to embed technology in the delivery of urban infrastructure and services, they should also plan to bridge the demand-supply gap in the provision of core urban services such as water, waste management and sanitation," said Alice Charles, Community Lead, Infrastructure and Urban Development Industry, World Economic Forum.
