India needs to carry out institutional, business and sectoral reforms to attract private investment in the country's ambitious smart city initiatives, a PwC-World Economic Forum report said on Friday.
India needs to carry out institutional, business and sectoral reforms to attract private investment in the country’s ambitious smart city initiatives, a PwC-World Economic Forum report said on Friday.
While the country has seen improved business environment in the recent past, the report listed out that much more needed to be done across dimensions such as land acquisition, dispute resolution, permitting process, information availability and procurement process to propel India’s global standing.
Urbanisation in India would accelerate further as the population is set to reach 814 million by 2050. With the inception of the ambitious smart city programme and the identification of the 20 cities to be developed, the action has moved towards implementation of initiatives envisaged in the proposals submitted by cities. The private sector would play a pivotal role in the execution of the urban development projects in India.
The report recommended better collaboration and a unified command structure across multiple planning and administrative bodies within a city, and devolution of power to local government to determine and collect user charges and taxes in order to make local bodies financially independent.
To improve business-environment, it provided a methodology for formulating public-private partnerships (PPPs) in urban development projects and details how other cities have adopted measures that reduce risk in PPPs.