NRI fund flow may be affected

New Delhi, Nov 27: The $59-billion debt woes of state-run Dubai World has left thousands of Indian families worried, as the region accounts for half of the country’s $25-billion remittances.

Gulf countries employ five million Indians, out of the 25 million total strength of the Indian diaspora in 130 countries, and Dubai being a key driver of the region’s economy, a shakeout there is seen unsettling the job market — and the incomes of relatives.

“The Middle-East meltdown has been there for the past one year. People have been coming back to India for the past one year,” said Mr E. Balaji, director of Ma Foi Management Con-sultants. “Now, there will be at least 25-per cent contraction in the job market. There may be a ripple effe-ct on most Middle East co-untries because of Dubai World bust.”