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.
New Zealand News
- Tesla offering new discounts & perks in China amid negative press
- Electric Vehicle Council slams Victoria Government for proposed punitive mileage tax on electric cars
- Chinese EV brand Ora unveils VW Beetle-inspired electric car Punk Cat
- Swapping personal car for e-bicycle saved over $50,000 in just 7 years: San Francisco woman
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- Tesla pockets roughly $101 million in profit from sale of some of its bitcoins
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies