New Delhi, July 28 -- India's cities will require an estimated USD 2.4 trillion in investments by 2050 to become climate-resilient and low-carbon, but municipal corporations have so far mobilised only a fraction of the required capital, according to a joint report released by FICCI and EY on Tuesday.

The report said that only 20 municipal corporations have accessed capital markets to date, collectively raising about USD 476 million, highlighting the significant financing gap facing India's urban development.

According to the report, urban areas currently contribute more than 60 per cent of India's GDP while housing nearly one-third of the country's population.

However, municipal corporations collectively generate revenues equivalent to...