- For smart cities, the government will appoint CEOs, who will drive the concept and execution.
- The guidelines released by government for rolling out the scheme to develop 100 smart cities says that each smart city will have a special purpose vehicle (SPV).
- These will be will be headed by a full time CEO for a fixed term of three years.
- Government officers, senior corporate executives and even independent experts can be hired for this job.
- Those cities which fail to make progress and meet the required milestones will lose as funding cannot be released to non-performers.
- According to framework of the scheme, the initial paid up capital in the SPV from Centre and state could be up to Rs 384 crore to start work.