The concept of the hi-tech AURIC city encompasses housing schemes, workplaces, shopping plazas to be developed in each other's vicinity including walkable streets, blocks and reachable public spaces.
"In the new age digital era ecosystem, the requirement of business and industries rapidly evolve and such businesses and industries which frame their value proposition on the newer aspects of intelligence and related smart technologies, it makes sense to provide them a comprehensive ecosystem that itself is smart in nature," Modi said.
He said the AURIC City in Aurangabad has not only shown the country but the entire world how such ecosystem can work for the overall benefit of all stakeholders involved.
Keeping in view one of the core focus areas of AURIC, which is technology-driven solutions, Modi also launched systems like Chat-Bot feature with Investor Management System and E-Land Management, which would cater to the needs and queries of investors, businesses and citizens in a 'smart' way, with further technological advancements in the pipeline.
Maharashtra Industry Minister Subhash Desai said that besides attracting an investment of around Rs 60,000-Rs 70,000 crore, it will also help generate employment for lakhs of people in the region.
Already having attracted investments of around Rs 36 billion last year from investors, the value of output is expected to be exports worth USD 11.6 billion and industrial output of USD 46.2 billion at AURIC.
AURIC has allotted around 50 plots of 5,25,000 sq mt, infrastructure packages of Rs 79.47 billion to offer high-value, sustainable infrastructure to support long-term economic vitality, high quality of life and a knowledge-based ecosystem with breakthrough in innovation and efficiency, he said.
Prominent investors include Hyosung Corporation, Perkins, Caterpillar Group, with more companies from USA, Europe, Russia, China, Japan, South Korea and others showing interest here.
The AURIC vicinity already has Skoda, Siemens, Johnson & Johnson, Perkins, Liebherr, Crompton & Greaves, Bajaj, Lupin, Endress+Hauser and Wockhardt among others.
The AURIC will showcase Smart Governance features like the specially-developed E-LMS (learning management system) which makes land allotment simpler and efficient, fully digital and paperless transactions, besides other features.
( With inputs from IANS )