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Over 5 years, the central government has allocated Rs 48,000 crore to the mission. That amounts to an average of Rs 96 crore per city per year, maybe enough in many cities to create a sewage drain. An equivalent amount would have to be contributed by the states and urban local bodies of amount 96 crore. The city administration had to raise the remainder of the necessary financing through a host of sources-public-private partnerships, grants, resource monetization, and the likes. While renowned planners have created the smart city ideas, with the financial arrangements planned out in advance, most urban local authorities are struggling to raise the funds needed. While several bodies have raised concerns that the financing of the central government is insufficient, the government itself is not sympathetic [5, 6] and funds raised by government of India as shown in Figure 1.3. That any of the 30 cities will have no trouble collecting funds because they have A++ credit scores.

Pune is an smart example that has successfully launched a municipal bond, documenting its own process and replicating the success of the other cities.

The source of funds may vary in different countries; the sources of the smart city projects are provided by government and the private organizations; they are state government and the urban local bodies and central government. Public-private partnership organizations, convergence with the other government mission resources, and also load providers are all contributing in this mission progress. Analysts think that national transformative projects such as the Smart Cities Mission will take time to implement in a vast country like India. The mission is also suffering from the lack of urban planners.

Figure 1.3 Funds raised by government of India.