LD ALL DUBAI 2 LT

"We have seen the press reports. We will have to study
what the issue is, what the problem is and what will be the
possible implications if any for the Indian economy, in
the people, in the corporate. It will take some time for us
to examine this," Finance Secretary Ashok Chawla told
reporters.

He, however, exuded the confidence that the Dubai crisis
was unlikely to have an impact on the employment and
remittances saying ex-pats withstood even bigger problems
earlier.
Subbarao opined, "We should not react to instant news
like this. One lesson of crisis is that we must study the
development and measure the extent of the problem. I have
requested my officials to study this, and if necessary we will
certainly communicate in the public about the likely
implications."
The debt crisis in Dubai, chairman of the Prime
Minister's Economic Advisory Council (PMEAC) chairman C
Rangarajan said, might slowdown remittances but would not have
any impact on country's growth.
"This particular incident in Dubai may not necessarily
assume the magnitude that will have an impact on our growth
rate. But, there could be some slowdown in remittances. But,
Dubai is only one source, there are other sources, from which
remittances come which may not be affected," Rangarajan
added. PTI TEAM
SKT


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