India's cities need $2.4 trillion by 2050, but where will the money come from

India’s cities are set to become the country’s biggest growth engines, but keeping them running will require a massive financial overhaul. A new FICCI-EY report estimates that urban India will require $2.4 trillion by 2050 to become climate-resilient and low-carbon, even as municipal corporations continue to struggle with limited revenue generation and access to capital.The report highlighted that only 20 municipal corporations have accessed capital markets so far, collectively raising around $476 million, pointing to the large financing gap that continues to limit urban development.With urban areas already contributing more than 60% of India’s GDP while housing nearly one-third of the country’s population, the report stressed the need for stronger financial systems and investment-ready cities.However, municipal corporations collectively generate revenues equivalent to only around 0.6% of GDP, restricting their ability to independently finance infrastructure projects and public services.Growth accelerates, but infrastructure needs unfinishedThe report estimated that India will need around…