Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Housing for All and Smart Cities Mission – the three Urban-development initiatives that Indian Prime Minister Narendra Modi launched on Thursday will create a whopping 34 lakh jobs in India, according to industry analysts.

Assocham President Rana Kapoor said that the ambitious initiative to build 100 smart cities in India was a “decisive step” that can create a significant multiplier effect on over 250 businesses sectors including logistics and modern retail.

Rana added; “Sectors like housing, transport, sanitation and power supply will require significant investment.

“An increase in infrastructure investment equivalent to 1 percent of GDP can create an additional 34 lakh jobs,”

While the Smart City project will improve the quality of life in 100 selected cities across India, the AMRUT scheme enhances the basic infrastructure in around 500 cities that has a population of more than lakh.

Real Estate apex body, Credai President Manoj Gaur appreciated the schemes and said; “Today India is in dire need of an infrastructural push. Development of smart cities and rejuvenation of existing cities would certainly revamp their current status and would help India relish its ambition of housing for all.