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No exodus of Indians due to Dubai World crisis: Vayalar Ravi | Overseas Indian Affairs Minister Vayalar Ravi on Saturday said that there will be no exodus of Indians on account of Dubai World crisis in the United Arab Emirates. Addressing a function to unveil an HIV dialysis machine in Chennai, Ravi said: "We are not expecting any kind of Indian workers exodus back to India. They may remain there that is
our report." "Our feedback from the embassy, feedback from the consulate general
office is that there is nothing to worry. And I hope our workers can remain there
and their interest can be protected," Ravi said. The minister added that there
was some impact in the Gulf region at the beginning of the economic crisis last
year, but now the number of Indians visiting Gulf for jobs has increased. "Those
who went to Gulf recently, some of them are returning. But if you compare with
last year, the people who went to the Gulf this year is more than last year,"
Ravi said. Earlier on Thursday, the state-run Dubai World stunned the global financial
world, when it announced that it would need to restructure its debt, estimated
to be in the range of 59 billion dollars, to pre-empt default and asked creditors
for a six-month deferment. Consequently, Indian stocks tumbled on Friday, while
the rupee also weakened and bond yields fell as Dubai's debt problems sparked
concerns about corporate exposure and the risk of foreign investors repatriating
funds. Meanwhile, industry insiders said that although at present Dubai may not
be the right place to invest alternate cover-ups are being made through other
UAE markets.
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