People in Asia and Australia welcomed New Year 2012 with great fanfare, while celebrations are underway in Europe.

Sydney heralded the New Year with a 15-minute multi-million dollar firework display at midnight. Sydney's spectacular firework had the theme- Time to Dream which was about giving people a chance to put a bad year behind them.

In New Zealand, bad weather prompted revellers to cancel outdoor events but a low-key fireworks display went ahead at Auckland's Sky Tower. 

In Japanese capital, people released helium balloons in front of the Tokyo Tower at midnight with notes attached listing their hopes for 2012.

In Dubai, an extravagant pyrotechnic display lit up the world's tallest building the Burj Khalifa with fireworks spouting from the top floor.

Celebrations are now taking place in Europe with large crowds on the streets in many cities.

Thousands of people gathered in Red Square in Moscow to witness a firework display at midnight, although alcohol was banned to prevent the festivities getting out of hand.

In National capital Delhi, people thronged popular markets and fun spots. Braving cold wave, a large number of revellers assembled at Connaught Place and India Gate.

In Mumbai, large crowd greeted new year at Gateway of India, Marine Drive and Juhu Beach. 

Lakhs of people gathered at the pristine beaches of Goa and greeted the New Year with dance and music.

People in Kerala welcomed the New Year with great enthusiasm despite heavy rain in some districts.

People in other cities also greeted new year with great fanfare.

The President and the Vice President have greeted the people on the occasion.

As India walks in 2012 with high hopes with one of the fastest growing economies, the challenges ahead are many.