Dubai crisis: job loss fears, India says no need to panic

Dubai/Thiruvananthapuram, Nov 29 (PTI) The Dubai debt
crisis fuelled fears of job cuts and its adverse fallout on
remittance-dependent economy in Kerala in south India but
India Sunday said there was no need to panic confident it will
blow over.

Kerala Finance Minister T M Thomas Isaac said he is very
"anxious" about the possible slowdown in construction activity
in the Gulf following the crisis which could badly affect
workers from the state. Over two million migrants from Kerala
are working in the Gulf.
"A majority of workers in the construction sector in the
Gulf are from Kerala. We are really anxious about their
future," Isaac told PTI in Thiruvananthapuram in south India.
The Indian Government said it was closely tracking the
fall-out of the crisis in Dubai and directed its missions in
the region to provide all necessary help the vulnerable
section of the Indian workforce in the Gulf who may be
affected by the crisis.
Overseas Indian Affairs Minister Vayalar Ravi calmed the
anxieties in India saying Government was not anticipating a
surge of returnees to the country from the region as it was
confident that the current crisis will blow over because it
was much lesser in magnitude compared to the worst period of
the global financial meltdown.
"There is no need for undue panic. We are closely
monitoring the situation. The crisis had actually started one
year back," Ravi told PTI. The Gulf Emirate's USD 80 billion
debt woes have sent shock waves around the world.
Ravi's sentiments were shared by his colleague and
Indian Minister of state for Railways E Ahamed,
"There was no room for any panic on the fallout of
Dubai's trouble on India either as the country's economy was
robust as it had proved during the global recession last
year," he said. PTI TEAM
MYR


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