India needs $250 bn investment for urban infrastructure: Venkaiah
07/10/2014 15:50
Classifying urbanization as a key driver of economic growth, Union Minister for Urban Development M Venkaiah Naidu said that an estimated amount of USD 250 billion is needed over next 20 years for basic urban infrastructure, said the media report.
"As per the estimates of a high-powered committee, we need to invest USD 250 billions over the next 20 years to put in place basic urban infrastructure relating to transport, water supply, sanitation and solid waste management alone," Naidu said.
This offers a huge investment opportunity and we are committed to promote private domestic and foreign investment in a big way, he added.
Going forward, there are ample opportunities for foreign investors as the government has planned to allow FDI in infrastructure also, the minister said at the XI Metropolis World Congress that got underway.
At the current level of urbanization itself, urban areas in India contribute to around 60 per cent of the GDP which is estimated to rise to 75 per cent in another 10 to 15 years, added the media report.
Stressing the need for bringing in reforms in urban governance, he said, "We must have digitisation of land records and property details of the cities. Hyderabad has shown the way in this regard. Because of digitisation of records, the revenue of Hyderabad has increased manifold and I am confident that other cities of the country will follow the same."
07/10/2014 15:50
Classifying urbanization as a key driver of economic growth, Union Minister for Urban Development M Venkaiah Naidu said that an estimated amount of USD 250 billion is needed over next 20 years for basic urban infrastructure, said the media report.
"As per the estimates of a high-powered committee, we need to invest USD 250 billions over the next 20 years to put in place basic urban infrastructure relating to transport, water supply, sanitation and solid waste management alone," Naidu said.
This offers a huge investment opportunity and we are committed to promote private domestic and foreign investment in a big way, he added.
Going forward, there are ample opportunities for foreign investors as the government has planned to allow FDI in infrastructure also, the minister said at the XI Metropolis World Congress that got underway.
At the current level of urbanization itself, urban areas in India contribute to around 60 per cent of the GDP which is estimated to rise to 75 per cent in another 10 to 15 years, added the media report.
Stressing the need for bringing in reforms in urban governance, he said, "We must have digitisation of land records and property details of the cities. Hyderabad has shown the way in this regard. Because of digitisation of records, the revenue of Hyderabad has increased manifold and I am confident that other cities of the country will follow the same."
