New Delhi, May 05: The government today said the recent Dubai World debt crisis had no significant impact on the Indian economy including, exports.
“…there is no noticeable negative impact of the Dubai debt crisis on Indian export and economy,” Minister of State for Commerce and Industry Jotiraditya Scindia informed the Rajya Sabha in a written reply.
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai Government.
Scindia however, said the debt crisis had initial reaction in the domestic foreign currency and Indian stock markets.
“…the impact was insignificant and short-lived,” Scindia said adding the primary capital market remained unaffected and there was no visible effect of the “Dubai news” on the money and government securities market.
Dubai World in November 2009 had said it would ask creditors for a “standstill” on paying back its USD 60 billion debt until at least May, 2010.
–Agencies