As per the Smart Cities Mission (SCM) guidelines, the central government will reportedly provide financial support to the extent of Rs 480 billion over five years or an average of Rs 1 billion crore per city per year.
An equal amount on a matching basis will be contributed by the state government or urban local body (ULB). As in July this year the Centre has released Rs 30.75 billion for 100 smart cities. These Smart Cities have tendered 7,822 projects worth Rs 19.06 billion; work orders have been issued in 7649 projects worth Rs 18.09 billion and 4,085 projects worth Rs 66.91 billion have been completed.
The period of implementation of SCM is up to June 2023 and all smart cities are expected to complete their projects within the stipulated time.