FM calms country's nerves over Dubai debt crisis

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'No need to panic over Debai debt crisis'
Chandigarh, Nov 28: After the news of Dubai debt singed the markets around the world on Friday, Nov 27, the Finance Minister Pranab Mukherjee has assured India that there was no reason to panic as the country's exposure to the Dubai financial system was small.

"There has been some adverse impact due to the crisis. This impact has yet to be assessed. The amount involved is small. Secondly, the exposure to the Dubai financial system of Indian banking system from view point of direct foreign investment or FII is limited. Hence we need not press the panic button," he said on Saturday, Nov 28.

Adding that there will be some adverse impact initially, the minister took the instance of the stock markets which saw red for most past of the day on Friday, Nov 27 but recovered 2/3
rd of the day's losses.

"Yesterday in the stock market the initial impact was felt but thereafter it recovered," Mukherjee said.

When asked if the Indian working in Dubai would be affected by the debt crisis, Mr Mukherjee said, "I don't think that there will be severely impacted, but it has to be watched."

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