New Delhi, May 22 -- A 2010 McKinsey Global Institute report estimated that India needed capital investment of $1.2 trillion over 15-20 years to meet its urban requirements. At Rs.2,701 per capita, our current urban investment falls short of the required Rs.7,884. This, despite larger outlays by states as well as a staggering 932% increase in the budget allocation for the ministry of housing and urban affairs since 2009-10. This gap in the financing of urban infrastructure adversely impacts the ease of living and doing business in our cities. A roadmap ensuring adequate medium-and long-term financing for city infrastructureand services is critical for India to meet its Viksit Bharat goal by 2047.

Given the shrinking fiscal space of the U...