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Govt eyes USD 700-bn urban infra investment by 2031

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Govt eyes USD 700-bn urban infra investment by 2031

According to Kunal Kumar, Joint Secretary and Mission Director of the Ministry of Housing and Urban Affairs, India needs approximately US $700 billion in investment from 2021 to 2031 to upgrade its urban infrastructure services, such as urban transportation, affordable housing, and water. Safe and clean India mission and smart city mission. The broad goal is to showcase India’s innovative case studies and attract investment in India and promote market access in other countries. India is a 3 trillion U.S. dollar economy and is actively moving towards becoming a 10 trillion U.S. dollar economy by 2030. One of the main components of this growth will be the country’s ongoing large-scale urbanization. The rapid urbanization of India provides exciting investment opportunities for the private sector in Indian cities to meet several challenges, such as improving the quality of urban services, such as the planning and development of water, sanitation, urban transportation, and land resources. Since 2014, the central government has invested 160 billion U.S. dollars to build and upgrade urban infrastructure to ensure the convenience of citizens. Compared with 2004-2014, India’s investment in the urban sector during 2014-2021 has increased by more than 600%. Urban development is the key to India’s growth story, because it requires efficient, livable cities that ensure the convenience of doing business. The government created the National Infrastructure Pipeline (NIP) for infrastructure projects worth 1.5 trillion dollars completed during 2020-25. The main focus of NIP is energy (24%), roads (18%), cities (17%) and railways (12%). Each of these city missions provides investment and development opportunities for global companies. With a total investment of 28 billion U.S. dollars, the smart city mission is realizing the vision of 100 smart cities in India to meet the challenges of increasing urbanization. The final plan is to cover more than 4,000 cities across the country.

News Source : NBM&CW

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