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According to a new World Bank report, India will need to invest $840 billion in urban infrastructure over the next 15 years, or an average of $55 billion per year, if it is to effectively meet the needs of its rapidly growing urban population. The report emphasises the critical importance of leveraging more private and commercial investments to close emerging financial gaps. By 2036, 600 million people in India will be living in urban areas, accounting for 40 per cent of the population. This is likely to put additional strain on India's already overburdened urban infrastructure and services. Currently, the central and state governments fund more than 75 per cent of city infrastructure, while urban local bodies (ULBs) fund 15 per cent with their own surplus revenues. Only 5 per cent of the infrastructure needs of Indian cities are currently being financed through private sources. With the government’s current (2018) annual urban infrastructure investments topping at $16 billion, much of the gap will require private financing.