Press Esc to close

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

Last updated: 25 February, 2010
New Delhi, Feb 25 (PTI) 12:34 IST

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

Most trending stories
Photo Gallery
Bollywood Actress Kareena Kapoor Khan,Director Rakesh Omprakash Mehra,Minister Roshan Baig...

Bollywood Actress Kareena Kapoor Khan,Director Rakesh Omprakash Mehra,Minister Roshan Baig...

Dancers perform during the inauguration of the 10th Bengaluru International Film Festival...

Dancers perform during the inauguration of the 10th Bengaluru International Film Festival...

Carolina Kostner of Italy performs during the women's free figure skating final in the...

Carolina Kostner of Italy performs during the women's free figure skating final in the...

Prime Minister Narendra Modi with his Canadian counterpart Justin Trudeau, First Lady...

Prime Minister Narendra Modi with his Canadian counterpart Justin Trudeau, First Lady...

Russian athlete Ivan Telegin (7) skates with the puck against Jakub Nakladal (87)...

Russian athlete Ivan Telegin (7) skates with the puck against Jakub Nakladal (87)...

A motorcycle rider performs stunts at the 'Hamburg Motor Days' fair in Hamburg, Germany...

A motorcycle rider performs stunts at the 'Hamburg Motor Days' fair in Hamburg, Germany...

Tourists ride on horses after snowfall at Anjni Mahadev near Manali on Friday...

Tourists ride on horses after snowfall at Anjni Mahadev near Manali on Friday...

Canadian Prime Minister Justin Trudeau signs the visitor's book as his son Hadrien looks on...

Canadian Prime Minister Justin Trudeau signs the visitor's book as his son Hadrien looks on...

The Swedish team celebrates their gold medal after the venue ceremony at the men's...

The Swedish team celebrates their gold medal after the venue ceremony at the men's...

Rajasthani folk artists perform at historical Govind Dev Ji temple during the 'Fag Mahotsav'...

Rajasthani folk artists perform at historical Govind Dev Ji temple during the 'Fag Mahotsav'...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.