Dubai World crisis bad for us: Kerala finance minister
By IANSFriday, November 27, 2009
THIRUVANANTHAPURAM - Kerala Finance Minister Thomas Isaac, a former economics professor at the Centre for Development Studies (CDS) here, Friday said the $59-billion debt woes of state-run Dubai World will hit the state’s economy.
“This is certainly going to hit the Middle East, which means this is bad news for Kerala. Anyway, it is early days yet but we will have to closely watch the situation,” Isaac told IANS.
“Initial indication is that what happened in Dubai is a real estate collapse and one has to wait and see how they tackle it,” he added.
The financial woes at Dubai World, one of the largest global conglomerates, 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.
For Kerala, the Middle East too has been the backbone of its economy for close to three decades now.
A CDS study says the number of emigrants from the state went up from 1.84 million in 2003 to 2.19 million last year, while remittances shot up from Rs.18,400 crore to Rs.43,300 crore.
The United Arab Emirates accounts for the largest share of Kerala migrants.
According to the study by the CDS — an autonomous research institute — remittances from expatriates was the single-most dynamic factor in driving the otherwise dismal economic scenario of Kerala between 1975 and 2000.
The Dubai crisis comes at a time when Kerala Chief Minister V.S. Achuthanandan has challenged the financial health of Dubai-based developer Smart City, which has tied up with the state government to execute a Rs.1,500-crore IT park project in Kochi.
The foundation stone for the IT city was laid in November 2007, but there has been no progress since then due to unresolved issues between the government and the Dubai-based developer.
Referring to the proposed project, Isaac said the chief minister was right when he said Smart City Dubai was “financially broke”.
“See, they (Smart City) are also into real estate and the collapse there appears to have hit them too. So Achuthanandan was right.”
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May 15, 2010: 3:50 am
Kind Attention Your honour, We got Married 05/03/2002, and have a daughter who took birth on 09/07/2005. My wife and her family lodged a case 498A/34 IPC, FIR NO.276, date 31/08/2009, P.S.: BAGUIATI, against me and some of my family members it’s a fabricated, baseless, legless, toothless and doesn’t have any commensurate to the fact. My wife is engaged and having an illicit affair with a boy (Sandip Samanta, S/O. Shankar Kumar Samanta S.B.I. Manager) just opposite to my house, all the matters are known to every person in my village, and also they have certified me written about my fresh character and nature. When my wife left form my house taking many vory gold and cash 1.20 lack Indian rupees. What a demon she is! She didn’t take our only daughter (only four years old) who is now in my house having severe asthma supported by inhaler. My wife filed the 498A case dated 31/08/2009 and I was arrested on 06/09/2009,The Learn” ed court granted me on bail on 19/09/2009. My 1st court date is 16/10/2009 (Attended) 2nd court date is 04/01/2010 (attended) Next court date is 07/07/2010 at Barasat court. I have lots of irrefutable evidences, (20 pcs. Adult S.M.S., Adult picture with the boy and a c.d.) with me where it is cleanly reveals which translates my wife and the boy that they are in illicit relations. Believe me I and my family would love very much (which is very rare seen in our society) to my wife and never any kind of love lost didn’t happen. They (My wife family) are very very poor and live in a bosti Address: 70/H/8 Manicktolla Main Road, Kolkata – 700054, Beside 5 Star Club, my mother saw 1st time and she arranged my marriage, and Mother told me “they are very poor so what? After marriage she will be our family member” believe me not a single word is wrong. Before marriage my family did not see the pedigree of my wife’s family, now we understood also realized that they hailed from a worst status. My wife, her family and the boy all they are misusing this law. Now my wife’s family knows all the affair-related matter. My wife left our only solitary daughter to me who is 4 years old having severe “Asthma Disease, depends on INHALER, here political Hide and seek, ducks and drakes and lots of unfair means are going on and the father of the parents (THE FATHER OF THE BOY WHO HAS ILLICIT RELATIONS WITH MY WIFE) are rich, so they are spending money to everywhere with a view to be escaped. Now I decided that in no way I can’t accept that demon wife. I hired a lawyer his name Mr. Kamelash Nandi. I don’t know what will be happened next? It’s an utterly a huge and a palpable offence subsequent to which the boy deserves severe and examplanary punishment so that no one can dare to abuse this law. My mother is a sugar present shies sugar is now 400. If possible please help me. Please investigate the matter thread barely and save me and my family. I leave here one question to every one that in this die-straits situation whom do I take care to myself (TRAGEDY), my daughter, or my mother(severe Diabetic)?. My wife filed another case me U/s. 125 Cr. P. C. Case NO.167/2009, date 16/12/2009. 1st Class Judicial Magistrate at Sealdah. 1st court date is 15/01/2010 (Attended) 2nd court date is 12/02/2010(Attended). Next court date is 23/04/2010(Attended) Next court date is 03/06/2010. The Ld. court has given the judgment to provide 1500/month.I am millions miles away from the genuine and authentic investigation and inquiry. No inquiry ,investigation were executed against the F.I.R lodged by my wife. It is very painful, lamentable as well as heart rendering, breath taking affair to me and my family. My heart bursts into guffaw when I see the nature of the inquiry and investigation. One thing is as clear as crystal to me that the law and the task of the law enforcing agencies vary from man to man. A new proverb is going to take birth very soon that “Justice for the rich and Injustice is for the poor” A rich reserves the right to indulge in any kind of heinous business but the poor is restricted to involve in any type of excellent deeds” To see all these my heart is about to come in the mouth and the ground under my feet gets shook. In a word all types of Law are for the poorest and the richest will enjoy the richest judgments from all quarters. Dear Sir/Madam, With kindest regards, |
 Jack |
November 28, 2009: 5:28 pm
They said that Dubai was trying to arrogantly outdo itself by engaging in obscene, wasteful, repulsive excesses while the rest of the world suffered. There was such pompous talk on how they were going to be the best in everything. They had absolutely no value for money and their talk was all about their massive egotistical pursuits - I, me, and mine! The bubble has burst! And, it’s about time that these show-offs came down to earth and suffered like the rest of us. What goes around comes around. The other Middle East countries better learn a good lesson here. They should be taking a cue from the second richest man on earth, the great Warren Buffett, on how to be frugal. Aaah, well, it’s time for them to sell off their mansions, expensive cars, horses, and gold fixtures! Now, let us hope that real estate and food prices that skyrocketed due to the careless abandon with which Middle Eastern Malayalis spent their money on visits will come back down to earth for the rest of the population now. |
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November 28, 2009: 2:59 pm
Dubai being in a state of Uncertainty , Canada is expecting a sharp rise in Immigration demand from Dubai, India and the Middle East. In addition, for business people and Qualified Managers, there is a Fast Immigration program called the Immigrant Investor Program that allows entry in Canada in 10 to 14 months waiting time. |
Dipak Kumar Adhikari