Dubai concerns not to impact India: Govt

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 USD 24 billion in fiscal 2008-09.

Asked whether exports to the Middle East could be impacted,Sharma told reporters,”I hope not.”

Global financial markets plunged after Dubai World,the government investment firm burdened with USD 59 billion liabilities,sought rescheduling of its debt.

Most of the stock markets tanked on concerns of the global impact of the crisis of confidence in UAE.