SME Times News Bureau | 20 Apr, 2018
urban population contributes more than half to the country's GDP,
said Department of Economic Affairs (DEA) Joint Secretary Kumar V.
Pratap, on Thursday, in New Delhi.
third of the Indian population, which lives in urban areas,
contributes more than half to the GDP and therefore, urban dwellers
are among the most productive segments of the population, said Kumar
at the 2-day
Regional Conference on “Urban Development: Technological Solutions
and Governance Challenges” which began in Ahmedabad on
Wednesday, he added that
augmenting urban infrastructure will cost a lot of money.
Urban Local Bodies (ULBs) own revenues as a percent of GDP is very
low below 1%. According to the Economic Survey 2016-17 of the
Ministry of Finance estimates that currently Bengaluru and Jaipur are
collecting not more than 5 to 20% of their property tax potential.
implies that cities could increase their resources 5 to 20 fold from
property taxes only.
also gave details about the catalytic missions such as Smarty City
Mission, AMRUT and the Swachh Bharat Mission of the Central
Ministry of Finance with the Associated Chamber of Commerce and
Industry of India (ASSOCHAM), Gujarat Council along with Asian
Infrastructure Investment Bank (AIIB), and
and Information System for Developing Countries (RIS) has
organized the event.