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India won't be affected much by Dubai

(Xinhua)
Updated: 2009-11-28 18:12

NEW DELHI: A day after stock markets plummeted in the wake of the debt crisis in Dubai, Indian Finance Minister Pranab Mukherjee said on Saturday that there was no need to panic over the downturn in the Gulf city.

The impact of Dubai crisis over Indian economy is limited but it has to be as sessed, Mukherjee told media in the national capital.

He overruled the adverse affects of the debt crisis over Foreign Institutional Investors (FII).

Full Coverage:  World Economy Recovery? Related readings:  China: No holding of Dubai World bonds  Asian stocks tumble amid Dubai fears, dollar slump  Dubai rushes to ease debt default fears  Dubai debt woes may trigger correction  HK stocks close 4.84% lower on Dubai woes

However, the minister expressed concern over the salary inflow from Dubai to India and its affect on Indian workers who are working in the Gulf.

Tens of thousands of people from southern parts of India go to Dubai to work there every year.

Indian Commerce and Industry Minister Anand Sharma also has said that it is unlikely that the debt crisis would hurt India.