Finance Minister Pranab Mukherjee has said that the Dubai debt crisis will not have earth shaking impact on the country's economy. Talking to reporters in Chandigarh yesterday, he said the full impact of the Dubai debt crisis is yet to be assessed and there is no need to press the panic button.He pointed out that the amount is small and the exposure of the Indian banking system to the Dubai financial system is limited. Mr.Mukherjee, however, said that some adverse effect will be there initially on the stock markets, as was felt on Friday. The Finance minister also opined that the crisis will not have much impact on the country's exports to the region. He said, however, the debacle will impact the repatriation of foreign exchange from there and joblessness in the Gulf city-state. The Minster said the situation after the Dubai debt crisis is manageable and added that the government would keep a watch on the situation. The Indians constitute as high as 42.3 per cent of the population of Dubai.
News On AIR | November 29, 2009 2:08 PM
No need to get panic on Dubai debt crisis: Finance Minister