Latest news with #MinistryofHousingandUrbanAffairs
NDTV
2 days ago
- Business
- NDTV
Indian Cities Will Need Over $2.4 Trillion By 2050 To Tackle Climate Risk: Report
New Delhi: Indian cities are becoming increasingly more vulnerable to floods, heatwaves, and other climate-related risks and will require over 2.4 trillion US dollars in investments by 2050 to build resilient and low-carbon infrastructure, according to a World Bank report released on Tuesday. The report notes that Indian cities hold tremendous potential as centres of economic growth, with 70 per cent of new jobs coming from cities by 2030. "However, timely action is needed for cities to deal with impacts from extreme weather events and avert billions of dollars in future losses," the report 'Towards Resilient and Prosperous Cities in India' states. The report, prepared in partnership with the Ministry of Housing and Urban Affairs, stated that "Annual economic losses from rain-related flooding are currently estimated at 4 billion dollars. These are projected to rise to five billion dollars by 2030 and between 14 and 30 billion dollars by 2070 if no remedial action is taken." According to the report, much of the urban expansion is occurring in "flood-prone and heat-vulnerable areas." The report identifies Delhi, Chennai, Surat and Lucknow among cities most exposed to urban heat island effects and flood risks, particularly due to settlement expansion into vulnerable areas. "In Delhi, the report highlights risks linked to rising temperatures and urban flooding. Heat stress is also expected to intensify. Between 1983 and 2016, exposure to dangerous heat levels increased by 71 percent in India's 10 largest cities, rising from 4.3 billion to 10.1 billion person-hours per year," the report added. The report raised concerns about heat-related deaths. "If emissions continue at current levels, annual heat-related deaths may rise from 1,44,000 to more than 3,28,000 by 2050. Around 20 percent of working hours in major Indian cities could be lost due to high heat stress conditions," it says. Heat mitigation alone could increase India's Gross Domestic Product by up to 0.4 per cent and save up to 130,000 lives annually by 2050, the report states. According to the report, the country's urban projected population will be around 1.1 billion by 2070. "More than 144 million new urban homes will be required, doubling the current housing stock," the report states. To offset these risks, the World Bank estimates that India will need to invest 2.4 trillion dollars by 2050 and 10.9 trillion dollars by 2070 across sectors such as housing, public transport, solid waste management, and municipal services. "However, India currently spent around 10.6 billion dollars per year from 2011 to 2018. India's current spending on urban infrastructure and services is -0.70 per cent of GDP, which is much lower than other countries and must be substantially increased", the report states. "This is both a challenge and an opportunity," said Auguste Tano Kouame, World Bank Country Director for India. Without timely action, climate risks such as flooding and extreme heat will become much more severe, Kouame added. The report states that public financing alone will not be sufficient to meet this demand. It calls for increased private sector investment through tools such as green bonds, blended finance, and access to international climate funds. The report recommends strengthening the financial autonomy of urban local bodies and improving their capacity to plan and implement bankable projects. "India's urban population stood at 480 million in 2020 and is projected to reach 951 million by 2050 and over 1.1 billion by 2070. According to the report, an estimated investment of 150 billion dollars over 15 years could enable 60 per cent of existing Indian cities to implement flood mitigation measures. The report was supported by the Global Facility for Disaster Reduction and Recovery, a multi-donor trust fund that helps countries strengthen disaster and climate resilience.
Time of India
2 days ago
- Business
- Time of India
India needs $2.4 trillion urban infra investment by 2050: World Bank
India would need an investment of $2.4 trillion by 2050 to meet the urban infrastructure requirement of an estimated population of 951 million in its cities by then, with a critical role to be played by the private sector, the World Bank said. It estimates the requirement to be $10.9 trillion by 2070, when the urban population is projected to be 1.1 billion. In a report titled 'Towards Resilient and Prosperous Cities in India', prepared in collaboration with the Ministry of Housing and Urban Affairs , the World Bank said over 50% of the urban infrastructure required for 2050 is still to be built, giving India a critical opportunity to drive resilient urban infrastructure development. Explore courses from Top Institutes in Please select course: Select a Course Category Others Technology PGDM Leadership Cybersecurity Data Science Design Thinking CXO Artificial Intelligence Healthcare Data Science MBA Management others Digital Marketing Public Policy MCA Finance Degree Operations Management Project Management Product Management healthcare Data Analytics Skills you'll gain: Duration: 9 months IIM Lucknow SEPO - IIML CHRO India Starts on undefined Get Details Skills you'll gain: Duration: 28 Weeks MICA CERT-MICA SBMPR Async India Starts on undefined Get Details Skills you'll gain: Duration: 16 Weeks Indian School of Business CERT-ISB Transforming HR with Analytics & AI India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Exec Cert Prog in AI for Biz India Starts on undefined Get Details The report, released on Tuesday, proposes setting up a task force to look into urban financing and lay out a roadmap for managing floods as well as heat impact on urban life. According to World Bank estimates, 144 million urban dwellings will be needed between 2022 and 2070 for new urban population, which is more than double of the existing housing stock. "The current capital expenditure in Indian cities, an overwhelming share of which is from public fiscal resources, is far below what is needed," it said, adding that the cities' own-source revenue is low and remained flat at 1% of GDP from 2011 to 2018. "An urban finance strategy and road map can help identify key actions to increase public and private sector financing for resilience actions," it suggested. Live Events The report said Indian cities could face annual economic losses of up to $30 billion by 2070 in the absence of any urgent and strategic investments in climate-resilient urban infrastructure.
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Business Standard
2 days ago
- Business
- Business Standard
India needs $2.4 trn to build climate-resilient infra by 2050: World Bank
India would need an estimated investment of over $2.4 trillion by 2050 and $10.9 trillion by 2070 to meet climate-resilient infrastructure and service needs for around 951 million people living in its urban centres, the World Bank said on Tuesday. With India's urban population expected to nearly double from 480 million in 2025 to 951 million by 2050, the report stated that climate change events, such as erratic rainfall, heatwaves, and rising sea levels, could leave urban areas in the world's most populous nation increasingly vulnerable. In its report titled Towards Resilient and Prosperous Cities in India, prepared in collaboration with the Ministry of Housing and Urban Affairs, the international financial institution recommended that the central government develop a dedicated national urban and state resilience programme addressing flood risks and extreme heat. It recommended the implementation of integrated urban flood risk management at national and state levels, with sustainable stormwater management at the city level, along with heat mitigation actions. 'Such plans across Indian cities could increase the gross domestic product (GDP) by up to 0.4 per cent and save up to 130,000 lives a year by 2050,' the report added. The World Bank claimed that India has yet to build over 50 per cent of the urban infrastructure required for 2050, providing it with a critical opportunity to drive resilient urban infrastructure development. Highlighting the high cost of retrofitting urban infrastructure, the Bank also emphasised the need for cities to strengthen defences against climate shocks while embedding resilience into future growth. Such a shift, it said, is essential to improving quality of life and ensuring sustained economic momentum. To counter this, the government has been advised to improve access to urban finance through better private sector engagement. 'Invest in resilient infrastructure and municipal services, energy-efficient and resilient housing, modernise solid waste management, and make urban transport flood resilient,' it added. The report also proposes setting up a national multisectoral task force consisting of representatives from key ministries to develop a new national programme on urban resilience. 'The task force can assess ongoing policies and schemes at the central, state, and municipal levels, and assess what works well and what can be improved,' it added. The Bank, however, warned of severe consequences if timely action is not taken. 'Cities could face escalating losses from more frequent and intense climate events such as floods, extreme heat, and water scarcity,' it stated. The report projects that urban pluvial or stormwater flooding-related losses, which currently cost between 0.5 and 2.5 per cent of the country's GDP annually, could double under a global high-emission scenario.
Business Standard
2 days ago
- Business
- Business Standard
Aavas Financiers Ltd. Hosts PMAY Urban 2.0 Customer Felicitation & Green Home Certificate Distribution Ceremony in Udaipur
BusinessWire India Udaipur (Rajasthan) [India], July 22: Aavas Financiers Ltd., a leading name in affordable housing finance, proudly hosted the PMAY Urban 2.0 Customer Felicitation & Green Home Certificate Distribution Ceremony recently at Hotel Ramada, Udaipur. The event celebrated the successful homeownership journey of beneficiaries under the Pradhan Mantri Awas Yojana - Urban 2.0 and recognized their contribution to sustainable living through the distribution of Green Home Certificates. The ceremony was graced by the presence of esteemed dignitaries: * Shri Kuldip Narayan, IAS, Joint Secretary, Ministry of Housing and Urban Affairs, Government of India (Board Member, National Housing Bank) * Smt. Sarika Pradhan, Secretary, Social Welfare Department, Government of Sikkim (Board Member, National Housing Bank) * Shri Sanjay Shukla, Managing Director, National Housing Bank * Shri Prabhanjan Mohapatra, Board Member, National Housing Bank * Senior Officials from the National Housing Bank The event was part of Aavas' efforts to contribute to the Government of India's "Housing for All" initiative by providing access to formal housing finance for underserved communities in Tier 2 to Tier 4 cities. Shri Kuldip Narayan, Joint Secretary, Ministry of Housing and Urban Affairs, GoI, appreciated Aavas Financiers' Green Home initiative and called it a model worth scaling. He encouraged people to "each one, teach one" about green housing benefits and reminded housing finance institutions of their role in reaching underserved segments to maximise the impact of PMAY Urban 2.0. Shri Sanjay Shukla, Managing Director, National Housing Bank, highlighted that owning a home is a basic need and lifelong aspiration for every Indian. He stressed the importance of promoting the Green Home concept to encourage sustainable living, reduce energy costs, and protect the planet. He also urged everyone to spread awareness about PMAY Urban 2.0 within their communities. Shri Sachinder Bhinder, Managing Director & CEO, Aavas Financiers Ltd stated: "We are honoured to partner in the nation-building initiative of PMAY (Urban) and to be a trusted enabler in the homeownership journey of thousands of families. This event is a celebration of hope, dignity, and dreams fulfilled. We also take pride in recognising our customers' commitment to eco-conscious living through Green Home Certifications, aligning with our broader goal of sustainable housing." Through this initiative, Aavas Financiers reaffirms its commitment to making affordable and environment-friendly housing a reality for every Indian. The Green Home Certificates were awarded to encourage sustainable building practices, promote energy efficiency, and acknowledge the role of homeowners in reducing their environmental footprint.
News18
3 days ago
- General
- News18
Shillong bags Promising Swachh Shehar award at Swachh Survekshan 2024-25
Shillong, Jul 21 (PTI) Shillong has earned the title of 'Promising Swachh Shehar of State/UT' under Swachh Survekshan 2024–25 Awards, marking a remarkable turnaround in the city's urban sanitation journey, officials said on Monday. The Meghalaya capital had been trailing in national rankings for years before emerging as a frontrunner this year. The recognition was announced as part of the nationwide Swachh Survekshan initiative conducted by the Ministry of Housing and Urban Affairs (MoHUA), government of India. According to officials, the award reflects sustained efforts of the Shillong Municipal Board, along with active public participation and awareness drives that have helped improve the city's waste management systems and sanitation standards. Reacting to the honour, Chief Minister Conrad K Sangma said it reflects the state government's strong commitment to improve. He told PTI, 'This award reflects our strong commitment to building clean, green, and sustainable urban spaces in Meghalaya. The city has shown significant improvement in key indicators such as door-to-door waste collection, processing of waste, citizen feedback, and public cleanliness." The award marks a significant shift in Shillong's Swachh Survekshan performance over the years. The city ranked 371st in 2021 and 348th in 2022, and was listed among the bottom-tier cities in 2023. The Swachh Survekshan, launched under the Swachh Bharat Mission (Urban), is the world's largest urban cleanliness survey and aims to foster healthy competition among cities to improve sanitation outcomes. Shillong's recognition is seen as a major boost for Meghalaya's ongoing efforts to promote a cleaner and healthier environment across urban centres. PTI JOP MNB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 21, 2025, 17:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
