Washington, July 2 (IANS): Union Urban Development Minister M. Venkaiah Naidu on Thursday met US industry executives here and discussed opportunities in schemes launched by his ministry.

"Public life in India is undergoing a rapid transformation. The economy is back on track, inflation is under control and growth rate is likely to cross 8 percent in the coming years," Naidu told the industry executives at an event organised by US-India Business Council (USIBC).

Naidu urged investors to take advantage of the business friendly atmosphere in India and invited them for cooperation in Smart Cities and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) projects.

Noting that India has prioritised the creation of 100 smart cities, which will incorporate the use of solar energy, rain water harvesting, good sanitation, drinking water and smart public transportation, he explained the guidelines for selection of smart cities, financing mechanisms and incentives for private sector participation.

Chairman of global corporate and investment banking at Bank of America, Merrill Lynch, Purna Saggurti said: "American enterprise is eager to participate and deepen its commercial dialogue through the 100 Smart Cities initiative..."

Naidu interacted with senior leaders from business groups such as iTECH, IBM, Honeywell, Genworth, UTC, AECOM, Apple, AT&T, Dell, Qualcomm, Cognizant, Capital Novus, Moody's and Bank of America.