It would push millions of people back into poverty for one full generation, he said.

Krishna said that the crisis has brought the dynamic economies of India, Brazil and South Africa closer and stressed that greater cooperation amongst the three IBSA countries 'can be a game-changer in today's circumstances'.

The IBSA could be 'an effective example of successful and meaningful South-South Cooperation', he said.

Prime Minister Manmohan Singh will be participating in the G20 summit of major and emerging economies in Pittsburg, US, Sep 24. The meet will focus on collective action to spur global economic recovery in the aftermath of the worst recession in nearly seven decades.