New Delhi, May 15 -- India will require nearly Rs 80 lakh crore in urban infrastructure investment by 2037 to support rapid urbanisation and economic growth, according to a report by Brickwork Ratings.

The report highlighted urban areas are expected to contribute nearly 70 per cent of India's GDP by 2036, making sustainable financing for cities a national priority.

It said the Urban Challenge Fund, a Rs 1 lakh crore central government-backed scheme, is aimed at changing the urban financing model by moving cities from grant-based support to market-based funding. It said the scheme could help generate nearly Rs 4 lakh crore in urban investment over five years.

Under the fund, urban local bodies will have to raise at least 50 per cent of ...