By 2030, 50 per cent of India’s population would reside in urban areas, said Hardeep Singh Puri, Minister of State (Independent Charge), Ministry of Housing and Urban Affairs. Speaking on the last day of the India Economic Summit, the Minister said as globalisation and urbanisation were becoming integral in the present scenario, half of the country’s population would be living in urban areas by 2030.

Puri said State governments should work with the Centre to make cities function effectively, and urged the private sector to collaborate with the government in building smart cities. He also emphasised the need for an independent regulator for real estate to clean up the system.

“Swachh Bharat Mission recognises impending challenges of urbanisation and called for mindset change by all stakeholders to help meet the specific targets. The bio-mechanisation of waste, mechanical cleaning of drains etc, are some of the initiatives being contemplated by the government under the Mission,” said Puri.

Bunty Bohra, Chief Executive Officer, Goldman Sachs, who was also one of the speakers at the session said: “India highlighted tapping the corporate bond market for long-term finance for infrastructure and need for removing restriction on institutions so that corporates are clear about the risk return profile.”