Thiruvananthapuram, August 12 (IANS): Urbanisation will be a critical driver of India’s economic transformation and its aspiration to become a developed nation by 2047, Arvind Panagariya, Chairman of the 16th Finance Commission, said on Wednesday. India, too, has a long history of urban development and should not be apologetic about pursuing urbanization, he said. The scarcity and high cost of urban land are among the biggest constraints on economic activity in Indian cities, Dr Panagariya said. The Finance Commission Chairman also underlined the need for stronger municipal administration and better coordination among agencies responsible for urban development. He said urbanisation would make an important contribution to the economic development of the country and the realisation of the Viksit Bharat vision.