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Chandigarh: Asserting that there is no need to press the panic button, Finance Minister Pranab Mukherjee said the Dubai debt crisis will not have "earth shaking" impact on the country's economy.
"The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button," Mukherjee told reporters on the sidelines of a function.
To draw his point, he pointed out that "first of all, the amount is small and secondly, the exposure of our banking systems to the Dubai financial systems is limited."
He, however, said that "some adverse effect" will be there initially on the stock markets, as was felt yesterday.
The finance minister has also opined that the crisis will not have much impact on the country's exports to the region.
Mukherjee, however, said that the debacle will impact the repatriation of foreign exchange from there and joblessness in the Gulf city-state.
On the issue of the large number of Indians working in that city, he said, "it will have to be seen how this will affect Indians working in Dubai." He, however, sounded confident saying "I don't think it will have much effect on Indian workers in that country."
The Indians constitute as high as 42.3 per cent of the population of Dubai, he added.
"I don't visualise that the Dubai debt crisis will have earth shaking impact," he stressed.
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