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Current Affairs
Title : World Bank Report on Urban Financing
Date : Feb 05, 2023
Description :
The World Bank is an international financial institution that provides loans and financial assistance to developing countries for the purpose of reducing poverty and promoting economic growth. In terms of urban financing, the World Bank has published several reports that analyze the challenges and opportunities related to financing urban development and infrastructure. These reports often discuss issues such as the need for increased investment in urban areas, innovative financing mechanisms, and the role of the public and private sectors in financing urban projects. The reports also highlight the importance of good governance, sound fiscal management, and a supportive regulatory environment in attracting investment to urban areas.
Indian Context
In recent years, the World Bank has been providing support to the Government of India in its efforts to develop sustainable and livable cities, including through loans and technical assistance. The World Bank's focus has been on improving the delivery of urban services, promoting inclusive and sustainable urban growth, and enhancing the capacity of urban local bodies to manage their finances and deliver services to citizens.
Overall, the World Bank's reports on urban financing in India highlight the importance of a comprehensive approach to urban development that takes into account both the financial and non-financial aspects of urban development, including social and environmental sustainability.
What is the case of urbanization in India?
Urbanization - Urbanization is the increase in the proportion of people living in towns and cities.
Urbanization occurs because people move from rural areas to urban areas (towns and cities).
Trend in India - In 2021, approximately a third of the total population in India lived in cities.
Major causes of urbanization
Industrialization
Commercialization
Better services in urban areas
High standard of living
Ample employment opportunities
Modernization
Rural-urban transformation
Government Initiatives:
The Smart City mission - To promote cities that provide core infrastructure, clean and sustainable environment and a decent quality of life to their citizens through smart solutions
The Atal Mission for Rejuvenation and Urban Transformation (AMRUT) – To provide basic services (e.g. water supply, sewerage, urban transport) to households and build amenities in cities to improve the quality of life for all
The Pradhan Mantri Awas Yojana (PMAY) - To provide affordable housing to the urban poor by the year 2022