With the increasing demand of autonomous machines, pixel-wise semantic segmentation for visual scene understanding needs to be not only accurate but also efficient for any potential real-time applications. In this paper, we propose CABiNet (Context Aggregated Bi-lateral Network), a dual branch convolutional neural network (CNN), with significantly lower computational costs as compared to the state-of-the-art, while maintaining a competitive prediction accuracy. Building upon the existing multi-branch architectures for high-speed semantic segmentation, we design a cheap high resolution branch for effective spatial detailing and a context branch with light-weight versions of global aggregation and local distribution blocks, potent to capture both long-range and local contextual dependencies required for accurate semantic segmentation, with low computational overheads. Specifically, we achieve 76.6% and 75.9% mIOU on Cityscapes validation and test sets respectively, at 76 FPS on an NVIDIA RTX 2080Ti and 8 FPS on a Jetson Xavier NX.