India’s finance minister yesterday urged investors to remain calm after Dubai World delayed payments on its? debt, saying there was “no need to press the panic button”.

The announcement earlier in the week that Dubai World was seeking a six-month reprieve on its loan repayments sent global stocks into a nosedive amid fears of a default.

But Indian Finance Minister Pranab Mukherjee said despite “some adverse effect” on Ind-ian markets the country’s ban-king system would be spared as it had only limited exposure to Dubai’s financial network.

“The full impact of the Dubai debt crisis is yet to be assessed, he said. “I don’t think it will have much effect on Indian workers in that country.”

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