International Business'No significant impact of Dubai crisis on exports'
Minister of State for Commerce and Industry Jyotiraditya Scindia today said the Dubai crisis would not have any significant impact on India"s exports to the Middle East.
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"I don"t think it (impact of Dubai crisis) should be much (on our exports)," Scindia said on the sidelines of a International Chromium Development Association meet here.
He, however said, steps should be taken to ward off any likely impact on India"s exports to the middle east countries.
"I think we need to take the required steps to make sure it does not impact us," he said.
Scindia said the government would announce measures to help the labour intensive export sectors to prop up the country"s outward shipments that are on a downslide since October 2008.
The United Arab Emirates (UAE), which has a large Indian population, has pipped the US to become the top Indian merchandise exports destination.
Exports to the UAE were about $24 billion in 2008-09.
The Reserve Bank today said the financial crisis in Dubai may have some impact on remittances and affect those parts of the country that receive inflows from the Gulf nation in larger quantity.
The financial crisis in Dubai erupted last month with the conglomerate Dubai World asking for six months time to repay its $59 billion debts.