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India will need to invest $ 840 billion over the next 15 years into urban infrastructure: World Bank Report
India will need to invest USD 840 billion over the next 15 years, or an average of USD 55 billion per annum, into urban infrastructure if it is to effectively meet the needs of its fast-growing urban population, according to a new World Bank report. By 2036, 600 million people will be living in urban cities in India, representing 40 percent of the population. Currently, the central and state governments finance over 75 percent of city infrastructure, while urban local bodies finance 15 percent through their own surplus revenues. Creating a conducive environment for urban local bodies, especially large and creditworthy ones, to borrow more from private sources will therefore be critical to ensuring that cities are able to improve the living standards of their growing populations in a sustainable manner," said Auguste Tano Kouame, Country Director, World Bank, India. Over the medium term, the report suggested a series of structural reforms including those in the taxation policy and fiscal transfer system - which can allow cities to leverage more private financing. Source: Zeenews #India
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