India's cities will require an estimated USD 2.4 trillion in investments by 2050 to become climate-resilient and low-carbon, but municipal corporations have so far mobilised only a fraction of the required capital, according to a joint report released by FICCI and EY on Tuesday.
The report said that only 20 municipal corporations have accessed capital markets to date, collectively raising about USD 476 million, highlighting the significant financing gap facing India's urban development.