New Delhi, 20 June (IANS). Indian companies should manufacture infrastructure in cities in partnership with municipal corporations, as the urban population in the country is likely to increase by 70 million in the next two decades (by 2045). A senior official made this statement on Friday.
Addressing the CII conference in the national capital, Additional Secretary in the Ministry of Housing and Urban Affairs, D Thara said that there is no connection between India’s economic ambitions and its urban local bodies capabilities, so there is a need to actively involve the private sector in the urban development of the country.
He said, “India is a rich country, but the municipalities here are poor.”
He said that the growing urban population presents both challenges and opportunities. This will create more cities in the country, so urban development requires practical approach.
The senior official further stated that there is a need for targeted intervention along with necessary investment to improve existing cities.
He said that the proposed urban challenge fund aims to speed up this change with a mixture of 25 percent public sector seed funding, 50 percent market capital and 25 percent state contribution.
He said, “It is not about construction afresh, but it is about fixing the things already existing.”
NIIF Executive Director and Chief Strategy Officer Prasad Gadkari emphasized the importance of capable structures to raise capital.
“A strong pipeline of projects, predicted revenue currents and standardized bidding procedures are necessary,” he said.
“By 2050, by 2050, 800 million people are expected to live in Indian cities. So, there should be a focus on the development of cities, but many are not yet ready,” said the practice manager for urban and land in the World Bank.
He also emphasized the need for integrated planning and ability to live to attract private investment.
-IANS
ABS /
