The Union Cabinet chaired by Prime Minister Shri Narendra Modi today approved Central Government spending of about one lakh crore on urban development under two new urban missions over the next five years. The Cabinet has approved the Smart Cities Mission and the Atal Mission for Rejuvenation and Urban Transformation of 500 cities (AMRUT) with outlays of Rs.48,000 crore and Rs.50,000 crore respectively. Under the Smart Cities Mission, each selected city would get central assistance of Rs.100 crore per year for five years. Smart City aspirants will be selected through a �City Challenge Competition’. Smart City Action Plans will be implemented by Special Purpose Vehicles(SPV) to be created for each city and state governments will ensure steady stream of resources for SPVs.
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