Meanwhile, the union Finance Minister Arun Jaitley participated in the First Annual General Meeting of Asian Infrastructure Investment Bank (AIIB) held at Beijing in China on last Saturday. Outlining Indias development paradigm, Jaitley said that India has undertaken reforms in FDI and initiated large investments in rural infrastructure, national highway, inland waterways, shipping, power sector and smart cities etc.
Speaking on the role of AIIB, the Finance Minister said: AIIB presents a much needed additional financing window dedicated to infrastructure projects and meeting the financing gap that may be beyond the capacity of the individual countries and the existing MDBs. India has a huge unmet demand for investment in infrastructure and is preparing basket of projects worth US$ 2-3 billion for AIIB funding in the areas of Urban Development (including Smart Cities), Energy, Urban Transport, Railways, Inland Waterways and Water Supply.
When the Smart City mission was launched in June last year, the Prime Minister had set a target of creating 100 Smart Cities by 2022 with an initial government investment of Rs 50,000 crore.
On the first anniversary of the Smart City mission this Saturday, PM Narendra Modi launched a slew of new proposals in Pune. The proposals range from plain slum rehabilitation, sewage treatment plants and plastic bottle recycling to new-age Information and Communications Technology (ICT) solutions such e-pathshalas, intelligent transit management system, intelligent street poles and multi-purpose smart cards across all modes of public transport.
In a spectacular move, one of my earlier recommended counters, ARSS Infrastructure Ltd (Rs.83.60), hit the upper circuits yesterday, continuing its winning run; after the company's JV won a Rs.44 crore order from the Indian Railways for earthwork in Odisha. The scrip had gained 20% in the previous session too.