This is almost three-fourths of the country’s total $80 billion (Rs 374,000 crore) debt.
While India’s stock markets remained relatively less affected, the medium-term impact — if Dubai World’s proposal is rejected — would be a crash of the country’s real estate, leading to job losses for Indians there.
A million Indians — a third of Dubai’s population — work there. Most are employed in the speculator-led boom in real estate and construction that according to Realty-Network Association began in 2001, following a rise in public spending on infrastructure and housing.
Of the $52 billion (Rs 243,000 crore) of inward remittances Indians working abroad send their families in India, 10-12 per cent is estimated to originate in Dubai, according to research firm CLSA.
Most of these go to Kerala, Maharashtra, Gujarat and Punjab, according to a senior official in a large public sector bank.
To read more, please, visit Hindustan Times
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