China’s rapid growth  4  BIS central bankers’ speeches  over the last two decades, for example, ran concurrently with an increase in urbanization rate from 32 per cent in 1997 to 50 per cent in 2010 consistent with its low middle income status. In India, we are behind on urbanization.
In the twenty years since the start of reforms, the proportion of urban population increased from 26 per cent in 1991 to just about 31 per cent in 2011. 27. Accelerating growth, therefore, presents two tasks from the urbanization perspective.