Continuing growth in India and China is now seen as essential for the world’s economic health. Urbanization is a necessary correlate, if not the engine of that growth. Our flagship urbanization programme is the Jawaharlal National Urban Renewal Mission (JNNURM), directed at strengthening urban governance, providing basic services to the poor in 63 selected cities and enabling these to access capital markets to build infrastructure. Urban infrastructure and construction is a key candidate for replacing the diminished investment demand from industry and financing growth in this sector is necessary to maintain our pace of growth.
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