Report highlights the potential of Indian cities in playing a key role in shaping the nation’s goal of becoming a US$30 trillion economy by 2047.
Status of Indian Urbanization
- India’s urban system is characterized by a diverse and multi-tiered settlement structure, comprising a small number of large metropolitan centers alongside a vast network of more than 7,400 cities and towns.
- Presently, Indian cities house ~one-third of India’s population but generate 60% of GDP, projected to reach 75% by 2050.
Issues Faced by Indian Cities
- Finance: Cities need US$2.4 tr by 2050 for climate resilience, however, municipal revenues are only 0.6% of GDP and just 20 municipal corporations accessed capital markets, cumulatively raising only US$476 million.
- Infrastructure Deficit: ~70% of urban infrastructure needed by 2047 remains unbuilt, requiring US$840 billion over 15 years.
- Concentrated Growth e.g. top 10 cities alone contribute nearly 30% of GDP.
- Others: Illegal immigration, Climate vulnerability e.g. Extreme heat, flooding etc.
