This urban population is expected to grow up to 590 million by 2030, accounting for nearly 40 percent of India’s population as compared to the present 31 percent, according to the study released recently by the apex trade and industry body.
With cities and towns becoming the focal point of sustaining livelihoods, India, in 2030, is expected to have 68 cities, and six megacities which will have more than one million and 10 million population, respectively.
Metropolitan cities such as Mumbai and Delhi will be among the five largest cities of the world
. Surging growth and employment opportunities in urban cities will prove to be a catalyst for economic growth creating 70 percent of the net new jobs while contributing in excess of 70 percent to India’s GDP by 2030, says the study.
Development of urban infrastructure will continue to play a key role in the structural transformation of India’s economy. An investment outlay of over Rs 70 lakh crore is anticipated mainly in affordable housing, urban roads and transportation for India’s rapid urbanisation over the next two decades, which will not only lead to a progressive future but also transform India’s outlook and realize its true potential.
This investment is expected to create a huge demand in various core and ancillary sectors causing a multiplier effect through inter-linkages between 254 industries including those in infrastructure, logistics and modern retail. It will help promote social stability and economic equality through all round development of urban economic centres and shall improve synergies between urban and rural centres, the report adds.