The Government says, it is closely tracking the fallout of the current financial crisis in Dubai .It has directed its missions in the region to provide all necessary help the vulnerable section of the Indian workforce in the Gulf who may be affected by the crisis. The Overseas Indian Affairs Minister Mr. Vayalar Ravi said in New Delhi that his ministry is not anticipating a surge of returnees to India from the region following the debt debacle. He expressed confidence that the current crisis will blow over, because it is much less in magnitude compared to the worst period of the global financial meltdown. He said, there is no need for undue panic. The Minister said, preliminary reports suggest that although the huge debt of a state-owned investment holding firm impacted markets world over, it may not result in huge job losses and return of the Indians from the region. In a related move the Overseas Indian Affairs Ministry also plans to soon announce a comprehensive package to rehabilitate overseas Indian workers who have returned to the country following job losses due to the economic downturn.<br/><br/>AIR correspondent reports that Indians living in Gulf had remitted 27 billion dollar in 2007 to make India the top receiver of migrant remittances. The United Arab Emirates, of which Dubai is one of the seven emirates, has nearly two million Indian population and is the country's largest export destination with shipments of about 24 billion dollars in fiscal 2008-09.<br/><br/>The Finance Minister Mr. Pranab Mukherjee yesterday said the Dubai debt crisis will not have earth shaking impact on the country's economy. Mr. Mukherjee, however, said that the debacle could impact the repatriation of foreign exchange from there and the job market in the Gulf city-state.<br/>
News On AIR | November 29, 2009 4:13 PM
Govt. closely tracking fallout of current financial crisis in Dubai