ADB approves ₹2,644.85-cr for urban infrastructure
The Asian Development Bank has approved a ₹2,644.85 crore loan for India to help improve its urban infrastructure services. The funds will support the policies of the Ministry of Housing and Urban Affairs to accelerate universal coverage of piped water supply and improved sanitation. This is a part of the national program Atal Mission for Rejuvenation and Urban Transformation (AMRUT) 2.0 and to provide affordable housing to all, including poor, urban migrant and industrial workers, under the flagship mission Pradhan Mantri Awas Yojana. The program will benefit the urban poor, including other disadvantaged, economically weaker sections and low-income groups and aimed at supporting government's agenda in transforming cities into economically vibrant and sustainable communities, continuing ADB's long-term engagement with India to improve basic urban services delivery in various states, Principal Urban Development Specialist for South Asia, ADB, Sanjay Joshi said. Efforts to improve urban water supply, sanitation and affordable housing, and performance based fiscal transfer will help the country accelerate reforms in urban service delivery and COVID-19 recovery initiatives. India's current estimated urban population of 460 million (46 crore) is the second largest in the world and is projected to reach nearly 600 million (60 crore) by 2030, growing at an annual rate of over 2 per cent. As urban areas will continue to contribute over 60 per cent of gross domestic product, cities will become a strong engine of growth for India -- generating economic activity and outputs, creating jobs for a significant volume of workers, improving competitiveness and urban livability, and protecting the environment.
📅Published on:
14 December 2021
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