MUMBAI: Several tier II cities in the state are likely to benefit from the heavy budget allocation for an urban rejuvenation scheme. Under the Atal Mission for Rejuvenation and Urban Transformation (Amrut), Maharashtra is undertaking basic infrastructure projects in more than 50 cities. Officials said the allocation is likely to boost pending projects. Projects worth Rs 1,600 crore are ongoing and will be completed in two to three years.
Amrut is centrally-sponsored with a budget of Rs 50,000 crore for five years ending 2019-20.
Union finance minister Arun Jaitley announced that Amrut will focus on water supply to all households in 500 cities. Water supply contracts for 494 projects worth Rs 19,428 crore will be awarded.
Meanwhile, the Union government’s announcement of a unified framework and tax regime for the International Finance Service Centre in Gujarat will be an enabling factor for the proposed IFSC in Mumbai.
Jaitley announced an unified regulator for the IFSC at GIFT City in Gujarat, a move that will contribute to better regulation and supervision of financial entities. State government officials said the framework will be passed on to Mumbai’s IFSC too.
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