Notwithstanding the UAE being India's top destination for exports, the government today put up a brave face stating financial concerns in Dubai would not impact the Indian economy and the country's real estate sector.
"I don't think," said Commerce and Industry Minister Anand Sharma when asked whether the confidence erosion in Dubai would have ripple effect in India.
Sharma said the Indian economy is large and "I don't think developments in real estate sector in Dubai are going to impact it...Besides, the Indian real estate is doing well," he said.
The UAE, which has a large Indian population, is the country's largest export destination with shipments of about $24 billion in fiscal 2008-09.
Asked whether exports to the Middle East could be impacted, Sharma told reporters, "I hope not."
Most of the global stock markets tanked on concerns of the global impact of the crisis of confidence in UAE.
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