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Smart City SPV rollsin

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The state government has issued a notification constituting a special purpose vehicle called Imagine Panaji Smart City Development Ltd, which has been given complete flexibility and financial autonomy to implement and manage smart city projects. The Smart Cities Mission launched by Prime Minister Narendra Modi on June 25, 2015, is implemented through the Union ministry of urban development as per the Smart Cities Mission guidelines. The notification has said the SPV has full autonomy to discharge its functions as prescribed under the articles of association to meet the objectives enunciated in the memorandum of association including exercise of financial powers within the framework of the Companies Act, 2013. The committee under the chairmanship of the Minister for Urban Development had recommended that delegation of powers to the SPV were absolutely needed to ensure success of the mission in a time-bound and organised manner.

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