New Delhi (TIP) : The Government has earmarked Rs 50,000 crore (US$ 8 billion) to develop 100 smart cities in the country from which each selected city would get assistance of Rs 100 crore (US$ 16 million) per year for five years, as announced by the Union Urban Development Minister Mr M. Venkaiah Naidu. He was speaking at an international seminar on sustainable and inclusive urban development organized by National Institute for Transforming India Aayog (NITI), the Institute for Human Development (IHD) and Department of Urban and Regional Planning of the University of Florida. He added that sustainable and inclusive urban development is the main focus of the government and special emphasis will be given to citizen participation while developing these smart cities. According to NITI Aayog Vice Chairman Mr Arvind Panagariya, housing, office space and good transportation are major requirements for a good urban life and creating space for cities and availability of land has been a major challenge in the country.