Being one of the fastest growing economies across the world with a large base of dynamic and young population, India is well-poised to lead the global economic growth charts for many more years to come. India needs thriving cities in order to harness the huge potential the economy offers.
This research report from McKinsey Global Institute estimates that cities could generate 70 per cent of net new jobs created to 2030, produce around 70 per cent of Indian GDP, and drive a near fourfold increase in per capita incomes across the nation. India’s urban population is estimated to go up from 340 million in 2008 to 590 million in 2030.
While it took around 40 years (between 1971 and 2008) for the urban population in the country to rise by nearly 230 million, it will take only half the time to add the next 250 million. It is estimated that the economy will have to build between 700 million and 900 million square meters of residential and commercial space a year in order to meet the rising urban demand. At the same time, the country will have to build 350 to 400 kilometers of metros and subways every year in order to meet the rising transportation requirements.
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Disclaimer: This information has been collected through secondary research and NICCT is not responsible for any errors in the same.