Union Minister for Urban Development M. Venkaiah Naidu has said by 2030-31 India requires an estimated 39 lakh crore Rupees investments for providing urban infrastructure. <br/><br/>Addressing the inaugural session of the three-day BRICS summit with the theme"cities-investments-urbanisation-challenges", in Visakhapatnam today he said there is an urgent need for "urban renaissance" for building the future cities and towns .<br/><br/>The Union Minister said BRICS group of nations are a stronger lot among the G-20 nations and one-to-one cooperation among these nations in critical issues is necessary. Mr. Venkaiah Naidu said there is a 10-point formula with the Centre for urban renaissance to build a new generation of cities across the country.<br/><br/>Andhra Pradesh Chief Minister N. Chandrababu Naidu delivering the keynote address opined that urbanisation plays a major role in the nation's development. Mr. Naidu said pollution and expanding slums are maily hampering urbanisation efforts. <br/><br/>The 3-day BRICS summit will deliberate on the transition and challenges being faced in urbanisation in the partner countries of Brazil, Russia, India, China and South Africa . They are to discuss issues like climate change, sanitation management, smart cities, financing urban infrastructure and inclusive housing. <br/><br/>The outcome of the deliberations would take the shape of 'Vizag Declaration' and is expected to play a vital role in the ministers' conference of BRICS to be held on October 15 and 16 in Goa.