Dubai’s crisis to hit India's foreign trade: Survey
Gulf region, being India's largest trade partner, plays a significant role in the prosperity of the country. But the recent Dubai World's crisis that shocked the markets across the World, could affect the import export trade business of the country according to the Economic Survey 2009-10, presented in Parliament just ahead of the annual budget.
The survey said, "There could be some impact on India's exports and imports, keeping in view the significant share of the UAE in India's international trade." India did total trade worth $490 billion with UAE last year accounting about 10 per cent of the total trade of the country. Official figures claim that import and export stood at $23.79 billion and $24.47 billion respectively in 2008-09.
The Dubai World's crisis, started in November last year following its failure to meet its debt obligations, not only derailed the growth of the oil rich region but also impacted the growth of those countries which bear strong trade ties with Dubai.
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