New Delhi [India], April 22 (ANI): The Smart Cities Mission, launched by Prime Minister Narendra Modi on June 25, 2015, is nearing its 10-year milestone.

A report by the State Bank of India (SBI) highlighted the significant progress made under the initiative, with more than 90 per cent of the total projects completed so far.

According to the report, a total of over 8,000 multi-sectoral projects worth around Rs 1.64 lakh crore are being implemented across 100 cities. Of these, 7,504 projects amounting to Rs 1.50 lakh crore have already been completed, showcasing the rapid strides in urban development across the country.

The report said, 'More than 90 per cent of the total projects (7,504 projects amounting to Rs 1.50 lakh crore) undertaken under the Smart Cities Mission have been completed'.

The report also highlighted that out of the Rs 1.64 lakh crore spent on these projects, around 92 per cent of the funds were utilised in 21 major states. Uttar Pradesh, Tamil Nadu, and Maharashtra, ranked in that order, accounted for nearly one-third of the total expenditure.

The focus of the Mission has largely been on improving urban mobility and water/sanitation infrastructure.

The report also mentioned that nearly 50 per cent of the total project cost has been spent on these two sectors, covering over 3,000 projects. On average, around Rs 22 crore has been spent on each project.

The Smart Cities Mission operates as a Centrally Sponsored Scheme. The Central Government committed Rs 48,000 crore over five years, with each city receiving an average of Rs 100 crore per year. An equal contribution was to be provided by the respective state governments or urban local bodies (ULBs).

In addition to this, funds have also been raised through convergence with other government programs, ULBs' own resources, Finance Commission grants, municipal bonds, and various innovative financial mechanisms.

The main aim of the Mission is to provide core infrastructure, ensure a clean and sustainable environment, and improve the quality of life in urban areas through the use of smart solutions.

As the Mission approaches its 10th anniversary, its completion rate and implementation scale reflect a major transformation in India's urban landscape. (ANI)