India will spend nearly $300 million in two years to expand water bodies like lakes and build drains in seven cities including Mumbai, Chennai, and Bengaluru to mitigate floods and conserve water, a government official told Reuters on Wednesday, the news agency reports. Flooding, often fatal, is common in Indian cities every monsoon as rapid urbanization devours city lakes and waste clogs drains.

Such flooding has been preceded by severe water shortages in recent years, especially in Delhi and Bengaluru, where once-plenty water storage spaces have shrunk.

The federal government spending, the first flood control measure focused on water bodies, was approved recently and will also incorporate early-warning systems, said Krishna S. Vatsa, one of the three members of the National Disaster Management Authority.

Ratings agency Moody's warned in June that India's growing water stress could affect its growth, which at a projected 7.2% this April-March fiscal year is the highest among major economies.