India today reacted cautiously to the financial crisis in Dubai, caused by debt repayment crisis of a state firm, saying it would examine the extent of the problem, but maintained that no impact is visible as of now.<br/><br/>The Commerce and Industry Minister Mr Anand Sharma has said that he does not think some development in real estate in Dubai will have an impact on the Indian economy. Talking to reporters in New Delhi, he said that India is a very large and resilient economy. He said that as far as India is concerned, the housing, real estate sector and construction industry are all doing well. This is confirmed by the increasing demand for construction materials, cement and steel.<br/><br/>The Finance Secretary Mr. Ashok Chawla said that the issue will have to examined to see what is the problem, what will be the possible implication , if any for the Indian economy, the people and corporates. Asked if the crisis will impact money flows into India, since the Gulf region accounts for over half the total inward remittances worth over 25 billion dollar annually from expatriate Indians, Mr Chawla said that this is unlikely.<br/><br/>The state-run Dubai World stunned the global financial world yesterday when it announced it needs to restructure its debt, estimated at 59 billion dollar to preempt default and asked creditors for a six-month deferment.<br/><br/>The conglomerate, which has a host of companies under its fold, has interests in a wide range of businesses including realty, infrastructure, logistics and economic zones, not just in the region but across a host of countries including India. RBI Governor D Subbarao said the officers of the Apex Bank has been asked to study the impact and make necessary recommendations. He said the lesson that learnt from the global financial crisis is that one must study the developments and measure the extent of the problem.<br/><br/>The Dubai debt crisis is unlikely to have any major impact on the country's banking sector, as Indian banks have an insignificant exposure to the Gulf region, the country's top bankers have said. Banks understood to be having lending exposure to Dubai. Bank of Baroda, ICICI Bank and State Bank of India said their exposure to real estate firms in the Gulf region is either nil or insignificant. Bank of Baroda's Chairman and Managing Director, M. D. Mallya said in Mumbai that the bank has only 7 or 8 per cent of its total loan-book in the entire Gulf region, which amounts to 10,000 crore rupees and these accounts are well maintained and are unlikely to cause any kind of impact on the balance sheet.<br/><br/>The country's largest lender, State Bank of India, said it did not see any concerns emerging on account of the Dubai crisis as the bank has only minimal exposure in the UAE, the bulk of which are short-term loans.<br/><br/>Officials from other leading private sector banks like the ICICI Bank, Kotak and Axis were also of the view that crisis may not have any major say on their loan-books.<br/><br/>Meanwhile, Expressing serious concern over the crisis in the Dubai World company, Kerala Finance minister TM Thomas Isaac today said it appears that global economic recession is finally taking its toll in the Gulf region. He said in Thiruvananthapuram that any adverse impact of the crisis on major construction companies in the Gulf would seriously affect Kerala as majority of their workers are from Kerala.<br/><br/>Cochin Port Trust chairman N Ramachandran said the crisis would not affect the progress of the Vallarpadam International Container Transhipment terminal being developed with the help of Dubai Port World, a subsidiary of Dubai World.