The debt crisis that has gripped Dubai World was not going to have any long term adverse effect in the Emirates as it had inherent strength to overcome the troubles, Union Minister of State for Railways E Ahamed said here today.
There was no room for any panic on the fallout of the debacle on India either, as the country's economy was robust as it had proved during the global recession last year, Ahamed said on his return from Dubai.
"There is no room for any apprehension whatsoever. Dubai will overcome the bad phase and the entire United Arab Emirates is behind it as one nation to help out. The worst is already over," Ahamed, also the national president of Indian Union Muslim League, said.
"Dubai is not an emirate to be shaken by a single crisis. It has all the infrastructure already built. The reliance of its economy and support of other emirates would help it come out sooner than later," he said.
He, however, said it was natural to get things exaggerated when an "over-speculated" economy like Dubai is facing some trouble.
On its impact on India, Ahamed said he shared the view of Finance Minister Pranab Mukherjee that India was not going to be hit in any way.
