New Delhi, July 30 -- Indian cities will require an estimated USD 2.4 trillion in investment by 2050 to become climate-resilient and low-carbon, while municipal corporations have raised only a fraction of the required funding, according to a FICCI-EY report.

Indian Cities Need USD 2.4 Trillion Investment by 2050

The report, Cities as Growth Engines: Powering India's Next Leap, noted that only 20 municipal corporations have accessed capital markets so far, collectively raising around USD 476 million.

Urban areas currently generate more than 60 percent of India's GDP while accounting for around one-third of the country's population. However, municipal corporations collectively raise revenues equivalent to only about 0.6 percent of GDP. ...