Government has decided SPVs will continue beyond the Smart Cities Mission (SCM) ending on 31.03.2025.
About SPVs
- Genesis: SPVs were created under the SCM in all 100 selected cities as companies under the Companies Act, 2013.
- Launched in 2015, the SCM aims to enhance the quality of life in 100 selected cities by providing efficient services, robust infrastructure, and a sustainable environment.
- Ownership: Jointly held by State/UT governments and ULBs in a 50:50 equity ratio.
- Structure: Each SPV is led by a full-time CEO and includes representatives from the Central Government, State Government, and ULB on its Board.
- Performance: Mandated to implement the mission through focused planning, project development, and on-ground execution.
- By March 2025, over 93% of 8,000+ Smart Cities Mission projects were completed, with 99.44% of the ₹48,000 crore budget disbursed.
Repurposed SPVs domains for future engagement
- Technology Support: SPVs may help ULBs manage cyber hygiene, analytics, and data systems.
- Project Implementation: SPVs can implement and develop bankable projects, and charge a 1.5%–3% implementation fee as per state norms.
- Research and Assessment: SPVs can support evidence-based planning through assessments, logistics, and coordination.
- Investment Facilitation: SPVs can promote local economic development through project structuring, procurement, and inter-government coordination.