Click to play videoThiruvananthapuram: The impact of Dubai World being close to bankruptcy will perhaps be felt more in Kerala which accounts for a huge chunk of Indian workers. While the exodus of job losers has not started, it is worrying time for the state's economy.
Economists call Kerala a money order economy as every third house in Kerala has a man working in the Gulf.
It's this Malayalee dream to making it big in the Gulf that is in the line of fire after the markets tumbled in Dubai.
"It's very much worrying as lakhs will lose jobs and return and then it could be a social problem," said Kerala Finance Minister Thomas Issac.
Many workers who came home for Bakrid holidays fear the worst when they go back.
"We don't know what the exact picture is since the government is keeping it a secret. There is no surety that our job will be there when we return," Fatharuddin, who works in Dubai, said in Cochin.
From among 50 lakh Indians who work in the Gulf, the Malayalee diaspora alone account for more than 20 lakh. They also bring in more than 25 per cent of the state's GDP as remittance.
So if the markets crash in the Gulf the direct impact will no doubt be on the economy of the state.
Not just that the future of two of Kerala's multi-crore projects, the Smart City and the Vallarpadam Shipping Terminal is also uncertain as both have Dubai World as partners.
But some others are still optimistic that sun will never set on Dubai and among them is Union Minister for Overseas Indian Affairs Vayalar Ravi.
"This is just a continuation of what struck the Wall Street. There is not anything to panic. There will not be any exodus at this point in time. I am sure in two to three weeks time, things will normalise," hoped Ravi.
Amidst all the fear and insecurity there is still hope because not many people have returned from the Gulf saying they have lost their jobs.
But if the crisis deepens in Dubai World, this could very well be the case.
There could be an exodus of workers, which could very well leave the state's economy in complete ruins in the coming months.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter, Google+ and Pinterest)
 |
 |
 |
|
More on IBNLive Right Now
TOP NEWS
MOST SHARED
PHOTOGALLERY
