Union Minister for Urban Development M. Venkaiah Naidu has said by 2030-31 India requires an estimated Rs 39 lakh crore rupees investments for developing urban infrastructure. He said many people in the country are migrating to cities and urban areas for better amenities , improved living conditions and for employment. <br/><br/>AIR correspondent reports that addressing the inaugural session of the three-day BRICS summit which is set to deliberate on "cities-investments-urbanisation-challenges", in Visakhapatnam he said there is a need for "urban renaissance". The Urban Development Minister emphasised the need for building future modern cities and towns, as 65 per cent of the nation's GDP comes from cities with 32 per cent of the population currently living in urban areas. <br/><br/>Mr. Venkaiah Naidu 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 for development. He said there is a 10-point formula with the Centre for urban renaissance to build a new crop of cities pan India.<br/><br/>Andhra Pradesh Chief Minister N. Chandrababu Naidu delivering the keynote address opined that urbanisation plays a major role in nation's development. Mr. Naidu said pollution and ever expanding slums are major roadblocks in urbanisation efforts. He said the past approaches in city planning were not proper and due to which several problems are popping up even today. <br/><br/>The Chief Minister said India is developing at a faster pace with the growth rate of its economy on a continuous rise. He said by 2050 most of the population in the world is represented from urban areas, adding that Andhra Pradesh is giving utmost priority to urbanisation with a change in infrastructure facilities and a host of opportunities. Chandrababu Naidu said AP is aiming to become one of the top three developed states in the country by 2022.<br/><br/>The three-day BRICS summit will deliberate on the transition and challenges being faced in urbanisation in the partnering countries of Brazil, Russia, India, China and South Africa which will also discuss issues like climate change, sanitation management, smart cities, financing urban infrastructure and inclusive housing besides on how to increase the productivity, and to make a separate urban finance system and creation of employment opportunities. <br/><br/>The outcome of the deliberations would take the shape of 'Vizag Declaration', expected to play a vital role in the ministers' conference of BRICS to be held on October 15 and 16 in Goa.