Urbanisation: 70 per cent of India's GDP by 2030

28 Aug 2023 CW Team

However, Puri underscored that as cities become economic engines, they also emerge as substantial contributors to climate change. United Nations Environment Programme (UNEP) assessments underscore cities as responsible for nearly 75 per cent of global CO2-equivalent emissions, prominently from buildings and urban transportation.

Recent research from the World Economic Forum underscores that building construction and its linked emissions constitute 40 per cent of global greenhouse gas emissions. The production of cement, a pivotal building material, alone contributes to a quarter of industrial CO2 emissions.

Puri emphasised a necessity to venture beyond conventional construction techniques, especially given India's ongoing construction surge amidst deceleration in major economies. The Minister highlighted the potential for significant value creation within this context.

He also showcased the role of Pradhan Mantri Awas Yojana-Urban (PMAY-U), one of the world's largest affordable housing initiatives. With approvals for over 11.8 million houses, 76 lakh delivered, and 43.3 lakh constructed using sustainable materials, the initiative substantially curbs CO2 emissions.

The Ministry of Housing and Urban Affairs has shortlisted 54 innovative global construction technologies via the Global Housing Technology Challenge (GHTC). Additionally, six "light house" projects in diverse cities prioritise novel building materials for a more sustainable and climate-resilient future.

Urbanisation's economic significance is indisputable, influencing around 53 per cent of India's GDP both directly and indirectly through links to pivotal sectors like steel and cement. With approximately 270 associated industries and benefiting 370 million people, the real estate sector's pivotal role in economic growth and sustainable development is unmistakable.

Anticipating a dynamic transformation, Hardeep Singh Puri, Minister of Housing and Urban Affairs and Minister of Petroleum and Natural Gas, projected that urban domains will wield over 70 per cent of India's GDP by 2030. During a real estate event hosted by the Confederation of Real Estate Developers’ Associations of India (CREDAI), Puri accentuated the nation's swift urbanisation, envisioning a populace of over 600 million in urban hubs by 2030.However, Puri underscored that as cities become economic engines, they also emerge as substantial contributors to climate change. United Nations Environment Programme (UNEP) assessments underscore cities as responsible for nearly 75 per cent of global CO2-equivalent emissions, prominently from buildings and urban transportation.Recent research from the World Economic Forum underscores that building construction and its linked emissions constitute 40 per cent of global greenhouse gas emissions. The production of cement, a pivotal building material, alone contributes to a quarter of industrial CO2 emissions.Puri emphasised a necessity to venture beyond conventional construction techniques, especially given India's ongoing construction surge amidst deceleration in major economies. The Minister highlighted the potential for significant value creation within this context.He also showcased the role of Pradhan Mantri Awas Yojana-Urban (PMAY-U), one of the world's largest affordable housing initiatives. With approvals for over 11.8 million houses, 76 lakh delivered, and 43.3 lakh constructed using sustainable materials, the initiative substantially curbs CO2 emissions.The Ministry of Housing and Urban Affairs has shortlisted 54 innovative global construction technologies via the Global Housing Technology Challenge (GHTC). Additionally, six light house projects in diverse cities prioritise novel building materials for a more sustainable and climate-resilient future.Urbanisation's economic significance is indisputable, influencing around 53 per cent of India's GDP both directly and indirectly through links to pivotal sectors like steel and cement. With approximately 270 associated industries and benefiting 370 million people, the real estate sector's pivotal role in economic growth and sustainable development is unmistakable.