New Delhi: Observing that the imperative of economic growth cannot be substituted, BRICS Academic Forum has recommended establishment of financial institutions such as development banks and an investment fund to assist development of member countries.
The 4th BRICS Academic Forum, which met here recently said establishing such financial institutions will help in taking forward the decision of BRICS Sanya Summit last year to "strengthen financial cooperation" among their individual development banks, a release said.
After three days of discussions and debates, over 60 scholars from Brazil, Russia, India, China and South Africa put forward 18 recommendations for consideration of BRICS leaders at their Summit here later this month, it added.
"The Forum said BRICS nations also must seek to create institutions that enable viable alternatives for enhancing inclusive socio-economic development agenda within and outside
BRICS," it said.
As home to nearly half of world's population, BRICS nations have a responsibility to create pathways for sustainable development.
It could learn from policy successes as well as failures of the past from within and outside BRICS, and seek to implement policy solutions for sustainable development, the Forum said.
The discussion also suggested that BRICS must bring to the fore inclusive growth and equitable development as the central narrative at global for a such as Rio+20, the release said.