The global financial turmoil poses new challenges for India as it has not left the country untouched, making regional cooperation imperative, Vice President of India Hamid Ansari today said.
"The world is going through an unprecedented, once-in-a-generation crisis. It has not left India untouched and poses new challenges among other things, which adds to the sense of urgency for greater regional cooperation," Ansari said after inaugurating the India International Trade Fair (IITF) here.
He said government across the world are attempting to coordinate their steps to contain the economic crisis for which "firefighting alone would not suffice".
He said Prime Minister Manmohan Singh has stressed the need for a global monitoring authority to promote supervision and cooperation in the financial sector.
Singh will be participating in the G-20 meeting of developed and developing countries called by US President George Bush in Washington tomorrow to find a way out of the global crisis.
"He (Prime Minister) has also urged the developed world not to ignore the interest of the developing countries," Ansari said.
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While the Vice President referred to the world economic crisis, Pragati Maidan (the venue for the fair) is witnessing the usual excitement of visitors and exhibitors at the IITF.
The 28th edition of the annual fair opened here after children released a bunch of tricolour balloons in the air in the presence of the Vice President.