No exodus of Indians due to Dubai World crisis: Vayalar Ravi

From ANI

Chennai, Nov 28(ANI): Overseas Indian Affairs Minister Vayalar Ravi on Saturday said that there will be no exodus of Indians on account of Dubai World crisis in the United Arab Emirates.

Addressing a function to unveil HIV dialysis machine in Chennai, Ravi said: "We are not expecting any kind of Indian workers exodus back to India. They may remain there that is our report."

"Our feedback from the embassy, feedback from the consulate general office is that there is nothing to worry. And I hope our workers can remain there and their interest can be protected," Ravi said.

The minister added that there was some impact in the Gulf region at the beginning of the economic crisis last year, but now the number of Indians visiting Gulf for jobs has increased.

"Those who went to Gulf recently, some of them are returning. But if you compare with last year, the people who went to the Gulf this year is more than last year," Ravi said.

Earlier on Thursday, the state-run Dubai World stunned the global financial world, when it announced that it would need to restructure its debt, estimated to be in the range of 59 billion dollars, to pre-empt default and asked creditors for a six-month deferment.

Consequently, Indian stocks tumbled on Friday, while the rupee also weakened and bond yields fell as Dubai's debt problems sparked concerns about corporate exposure and the risk of foreign investors repatriating funds.

Meanwhile, industry insiders said that although at present Dubai may not be the right place to invest alternate cover-ups are being made through other UAE markets.


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