What was the budget allocated in the Smart City Mission for the financial year 2023-24?

Correct option is D

The correct answer is (d) ₹8,000 crore

• The Government of India allocated ₹8,000 crore to the Smart Cities Mission (SCM) for the financial year 2023-24.

• This allocation is a 9% decrease from the Revised Estimates (REs) of ₹8,800 crore in the previous fiscal year.

• It marks an 18% increase over the Budget Estimates (BEs) for 2022-23, which was ₹6,800 crore.

• The total allocation for the Smart Cities Mission from FY 2015-16 to FY 2023-24 is ₹45,915 crore, which accounts for 96% of the anticipated funds for the Mission.

• This budget reflects the government’s continued commitment to urban development and the transformation of cities into smart cities.

Information Booster:

• Smart Cities Mission (SCM): Launched in June 2015, the mission aims to develop 100 cities across India into sustainable and inclusive urban areas, with a focus on core infrastructure, clean environment, and better quality of life.
• Budget History in India:

• First Budget: India's first Union Budget was presented on April 7, 1860, by the then Finance Minister, James Wilson, during British rule. It had a total outlay of ₹7.3 crore.

• Post-Independence Growth: After independence, the first Budget of independent India was presented by R. K. Shanmukham Chetty in 1947, with an outlay of ₹2,070 crore.

• Smart Cities Mission Budget: The Government of India allocated ₹48,000 crore over five years (2015-2020) for the SCM, with contributions from state governments, ULBs, and other sources.
  • Fiscal Responsibility and Budget Management (FRBM): The FRBM Act, passed in 2003, aimed at ensuring sustainable fiscal management by setting targets for fiscal deficits and public debt.
  • Union Budget 2023-24: The Union Budget for 2023-24 was ₹45,03,097 crore, marking a growth of 10.5% from the previous year's budget. The Smart Cities Mission was a small but crucial part of the overall infrastructure investment.
  • National Urban Policy: The focus of urban policy in India has increasingly shifted towards smart cities since the launch of the mission, with emphasis on technology and sustainable urban planning.