By Nilotpol Kar
Philip Hammond, Chancellor of the Exchequer - Great Britain, famously said, “To those who say our country cannot afford to invest in infrastructure, I say we cannot afford not to invest in our future.” This statement holds true today, more than ever.
According to the UN Global Health Observatory’s findings, cities across the world will witness a high population growth in the forthcoming years. By 2050, almost 70 percent of the global population2 will live in cities. A case in point is the megacity of Mumbai, where the population1 has crossed 1.8 crores, according to the 2011 census as against 1.2 crores2 in 2001. Assuming a similar population growth rate and migratory pattern, the city may house more than 4 crore3 people by 2050.
India too is staring at rapid urbanization, as more and more people migrate from rural areas to megacities.
Rapid urbanization also brings to the forefront, a unique set of challenges - one which needs the effective partnership of public as well as private players when it comes to investment in both - resources and time. Given this explosion, the need of the hour is to develop structures that support the demands of a growing population and simultaneously withstand the test of time. After all, sustainable housing and infrastructure are the key requisites for a developing economy.
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