India's Urban Infrastructure Development Calls For Major Alterations: DFS Secretary Sounds Alarm on Viksit Bharat Goals

India has achieved only 30% of its urban infrastructure target needed to realize the Viksit Bharat vision by 2047. M Nagaraju, Department of Financial Services (DFS) secretary, highlighted the critical need for financing urban local bodies (ULBs) to bridge this gap. With urban areas expected to house 40% of India's population and contribute 70% to the nation's GDP by 2030, addressing the financial constraints of ULBs is crucial. Nagaraju also suggested exploring blended financing structures with multilateral development banks and building capacity for ULBs. Collaboration and strategic investment are essential to achieving comprehensive urban development and the Viksit Bharat target. 

 

Source: Moneycontrol