Dubai debt worries are unlikely to impact India: Anand Sharma

Posted By: Staff
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New Delhi, Nov 27 (ANI): Union Commerce and Trade Minister Anand Sharma on Friday said that Dubai debt worries are unlikely to impact the country's economy and the real estate sector.

Interacting with the media persons Sharma said : "India is a very large economy. I don't think some development in the real estate in Dubai is going to impact the Indian economy. As far as India is concerned, the housing sector, real estate sector, construction industry is doing well."

"They have definitely recovered and it is also confirmed by the increasing demand of the construction materials, cement and steel, these are the sectors, which are doing well," he added.

On Thursday, the global financial world was stunned when the state-run Dubai World announced that it would need to restructure its debt, estimated at USD 59 billion, to preempt default.

The Dubai World also asked creditors for a six-month deferment. (ANI)

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