India stands out as an essential component to a concrete global action plan being readied to fight COVID-19, including for large-scale vaccine manufacturing, World Economic Forum's Founder and Chairman Klaus Schwab has said.

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Besides, India has a very important role to play for ensuring greater international cooperation in the post-COVID-19 world to fight any future pandemic and for addressing some other serious global challenges including those posed by climate change and economic inequality, he said.

Schwab, who founded WEF over 50 years ago, said COVID-19 is the most devastating and immediate crisis the world is facing, but we are equally going through the worst environmental crisis in human history as well.

"And socio-economically, the division and inequalities we are facing are the worst in a generation. To deal with it incrementally will not suffice. We need a Great Reset -- a fundamental rethinking of our economies and of our societies. We must not only repair the damage but address major deficiencies in our economic and social systems which were apparent before the pandemic broke out," Schwab told .

First Published:Oct 30, 2020 8:45 PM IST