Press Esc to close
Saturday 30 July 2016
News updated at 12:40 PM IST
Weather
Max: 23.2°C
Min : 19.8°C
In Bengaluru
Generally cloudy

Dubai debt crisis could affect India's foreign trade: Survey

Last updated: 25 February, 2010
New Delhi, Feb 25 (PTI)

The Dubai debt crisis is likely to have 'some impact' on India's exports and imports as the gulf region is the country's largest trade partner, the Economic Survey 2009-10 has said.


"There could be some impact on India's exports and imports, keeping in view the significant share of the UAE in India's international trade," the survey said.

The financial crisis in Dubai erupted in November last year with the conglomerate Dubai World asking creditors for six months to repay USD 59 billion debts.

The United Arab Emirates (UAE) accounts for about 10 per cent of India's USD 490 billion total trade in 2008-09. While imports from the region amounted to USD 23.79 billion, exports were at USD 24.47 billion, according to official figures.

Besides, the Survey said, remittances would also be impacted by the Dubai crisis.

The Gulf accounts for nearly one-third of total remittances into the country and 40 per cent of the population in the region is comprised of Indians. The total money remitted to India in 2008-09 was USD 46 billion.

"Indian expats comprise a large percentage of the total workforce in Dubai, the crisis may lead to salary cuts or job losses for Indian workers in the construction sector with consequent effect on remittances and NRI deposits," it said.

However, the Survey said, the impact of the crisis on India's realty sector would be "modest".


Go to Top

Photo Gallery
An elephant moves through a waterlogged street after heavy rains in New Delhi on Friday...

An elephant moves through a waterlogged street after heavy rains in New Delhi on Friday...

People catching fish at flooded water due to heavy rain Madiwala Lake over flow...

People catching fish at flooded water due to heavy rain Madiwala Lake over flow...

Rain water flooded on the road at Anugraha Layout 2nd stage, Bilekahalli in Bengaluru...

Rain water flooded on the road at Anugraha Layout 2nd stage, Bilekahalli in Bengaluru...

Workers remove scaffolding from a replica of planet earth after repairs at Science City...

Workers remove scaffolding from a replica of planet earth after repairs at Science City...

Women unload rice grains from a boat to dry in the sunshine in flood affected village Murkata...

Women unload rice grains from a boat to dry in the sunshine in flood affected village Murkata...

Members of Karunada Seene staging protest against Mahadai tribunal verdict at SBM circle...

Members of Karunada Seene staging protest against Mahadai tribunal verdict at SBM circle...

Karnataka Fire & Emergency Service personnel rescuing the people form the flood affected...

Karnataka Fire & Emergency Service personnel rescuing the people form the flood affected...

A boy tries to swim in the flooded water at Kodichikkanhalli area in Bengaluru on Friday...

A boy tries to swim in the flooded water at Kodichikkanhalli area in Bengaluru on Friday...

A young one-horned rhino trying to rise above water on the National Highway from the flooded...

A young one-horned rhino trying to rise above water on the National Highway from the flooded...

A Royal Bengal Tiger in a pool in Kolkata on Friday during International Tiger day...

A Royal Bengal Tiger in a pool in Kolkata on Friday during International Tiger day...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523