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Coronavirus: India’s Narendra Modi seeks funding for smarter cities post pandemic
- Covid-19 lockdown has sent Asia’s third-largest economy into an unprecedented recession
- The prime minister wants to attract foreign investment to modernise urban centres
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Prime Minister Narendra Modi is keen to attract foreign investment to modernise India’s urban centres as the world’s second-most-populous nation rebuilds its economy after the coronavirus pandemic halted activity.
Covid-19 has given governments the chance to accelerate the “process of making cities more liveable for people”, Modi said in his speech at the Bloomberg New Economy Forum on Tuesday. “We are looking at a future where a major chunk of education, health care, shopping, may happen online. Our cities need to be ready for the convergence of the physical and digital worlds.”
India plans to continue raising funds in areas including urban technology and transport, he added. The country will have to develop up to 800 million square metres (86 billion square feet) each year till 2030 with more than 40 per cent of population expected to live in cities, according to Ministry of Housing and Urban Affairs.
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The South Asian nation has completed work on two-thirds of its planned US$30-billion worth of projects on building a 100 smart cities, Modi said.
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India, with the second most Covid-19 infections globally, sees a downward trend
The New Economy Forum is organised by Bloomberg Media Group, a division of Bloomberg LP, the parent company of Bloomberg News.
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