facebook
twitter
rss
account
search
search
 

Ministers: No big Dubai fallout for India

Nov. 28, 2009 at 7:40 AM   |   Comments

| License Photo
CHANDIGARH, India, Nov. 28 (UPI) -- Dubai's debt crisis does not pose any major consequences for India, Finance Minister Pranab Mukherjee said Saturday.

Speaking on the sidelines of a function in Chandigarh, Mukherjee told reporters he foresaw no "earth shaking" consequences for the country and that there is "no need to press the panic button," the Press Trust of India reported.

"The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button," Mukherjee told PTI, adding, "first of all, the amount is small and secondly, the exposure of our banking systems to the Dubai financial systems is limited."

But, he admitted, there would likely be "some adverse effect" initially on the stock markets, as was felt Friday when the Dow Jones industrial average fell by more than 150 points after Dubai officials requested that the corporate face of the emirate, Dubai World, be allowed to skip six months of interest payments on its $59 billion in debt.

Indian Overseas Affairs Minister Vayalar Ravi also assured PTI that India does not expect any mass exodus of its nationals now working in Dubai.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Apple sells 10 million new iPhones during the first weekend Apple sells 10 million new iPhones during the first weekend
2
Gazprom: Hungary ready for South Stream Gazprom: Hungary ready for South Stream
3
Starbucks testing a latte that tastes like beer Starbucks testing a latte that tastes like beer
4
Iraq relying on oil wealth from Basra Iraq relying on oil wealth from Basra
5
Arctic oil bound for Europe, Gazprom Neft says Arctic oil bound for Europe, Gazprom Neft says
Trending News
Video
x
Feedback