$2.4 trillion needed for India's urban infrastructure by 2050: Report
Big changes are coming to Indian cities—by 2050, the country will need $2.4 trillion for climate-friendly and modern urban infrastructure, says a new World Bank report.
With the urban population set to reach 43%, most of what's needed hasn't even been built yet.
India spends half of what's needed on its cities
Right now, India spends about half of what's actually needed on its cities—just 0.6% of GDP a year instead of the recommended 1.2%.
To keep up with growth, annual spending should jump from $10.6 billion to $55 billion by 2036, as nearly 600 million people are expected to live in urban areas that'll drive almost 70% of India's GDP.
Report urges more private investment in city projects
The report urges more private investment in city projects—currently, governments cover most costs while commercial funding is just a tiny slice (5%).
Boosting things like municipal bonds and supporting local bodies could help fund essentials like flood protection and energy-efficient housing, making cities safer and more livable for everyone.