Is Urbanisation an Opportunity for Growth?
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Synopsis
Urbanization in India is seen as a transformative opportunity rather than a challenge, according to experts at a recent Assocham event. With the urban population projected to reach 88 crore by 2047, leaders emphasize sustainable development and the potential of the real estate sector to drive economic growth.
Key Takeaways
- Urbanization is an opportunity for economic transformation.
- The real estate sector contributes 13% to India's economy.
- AMRUT mission focuses on sustainable infrastructure.
- Employment in real estate is expected to grow.
- Initiatives like Transit-Oriented Development are essential.
New Delhi, July 11 (NationPress) The urban population in India is anticipated to reach around 88 crore by 2047 as part of the 'Viksit Bharat' vision, asserted a senior government official, highlighting that urbanization presents a significant opportunity to reshape our cities into dynamic, sustainable centers of growth.
Durga Shankar Mishra, former secretary of the Ministry of Housing and Urban Affairs, noted that the real estate sector currently accounts for about 13 percent of India's economy, with the affordable housing and development sector expanding at nearly 10 percent. This growth positions it as one of the most influential drivers of national development.
Speaking at the Assocham real estate conference in the capital, Mishra, who previously served as Chief Secretary of Uttar Pradesh, reiterated that urbanization is an opportunity.
Gurjeet Singh Dhillon, Director (AMRUT) at the Ministry of Housing and Urban Affairs, discussed the transformative objectives of the AMRUT mission. "The AMRUT mission prioritizes creating transformative changes in urban infrastructure, emphasizing sustainability, inclusivity, and long-term service delivery," Dhillon stated.
"Our goal extends beyond merely constructing infrastructure; we aim to empower cities to function as engines of economic growth and social equity. Through strategic efforts in water supply, sanitation, green spaces, and mobility, the mission seeks to enhance the quality of life for all urban residents, particularly those underserved," he added.
Anna Roy, Principal Economic Adviser at NITI Aayog, mentioned that initiatives aimed at fostering robust digital public infrastructure, alongside promoting green transitions and urban innovation, are essential for achieving comprehensive economic advancement.
"Programs like Transit-Oriented Development (TOD), municipal finance reforms, and grassroots capacity-building are vital for establishing sustainable and livable urban environments," Roy emphasized.
In the coming years, India's real estate sector is set to provide employment opportunities for millions in both formal and informal sectors.
“Moreover, the sector has emerged as a key facilitator of urban transformation, infrastructure development, and modern living,” stated Pradeep Kumar Aggarwal, Chairman of the National Council on Real Estate, Housing and Urban Development, Assocham.
Point of View
It is crucial to recognize the monumental shift urbanization represents for India. As cities expand, the opportunities for economic growth and social equity must be harnessed effectively, ensuring that all segments of society benefit from this transformation.
NationPress
22/07/2025
Frequently Asked Questions
What is the projected urban population of India by 2047?
India's urban population is projected to grow to approximately 88 crore by 2047.
How does urbanization contribute to economic growth?
Urbanization is seen as a significant opportunity to develop sustainable cities that serve as engines of economic growth and social equity.
What is the role of the AMRUT mission?
The AMRUT mission aims to transform urban infrastructure with a focus on sustainability, inclusivity, and long-term service delivery.
