Government closely tracking Dubai crisis fall out: Ravi

The government said on Sunday that it was closely tracking the fallout of the current financial crisis in Dubai and has directed its missions in the region to extend all possible help to vulnerable Indian workforce there.

However, overseas Indian affairs minister, Vayalar Ravi, said the government does not apprehend a surge of returnees to India from the region and was confident of the crisis blowing over as it was much less severe as compared to the worst period of the global financial meltdown.

He added that there was no need to panic as the government was closely monitoring the situation. He said the crisis had already started a year back. Ravi was talking to the PTI. 

He said according to preliminary estimates, the crisis may not result  in huge job losses even as it impacts markets the world over. 

Global financial markets plunged on Thursday after Dubai World, the government investment firm which took on $59 billion in liabilities requested that the debt be deferred. Stock markets in India too took a beating under the impact.

The crisis sent Asian markets reeling with shares of financial institutions and real estate sector worst affected.