Does Dubai real estate have a lesson for the GoI?

From Facebook:

Subroto Roy  thinks the Dubai real-estate collapse has a lesson for Government of India policy-makers (a lesson which will not be learnt): it is as ridiculous to think Mumbai can be an international financial centre as it is to think  India can build “world class academic institutions” overnight.  Such things don’t depend on tall or big buildings but on the people inside them.

Subroto Roy recalls a conversation in 2004 in London about Dubai’s sheikhs aspiring to make Dubai a new NYC-like financial centre with the euro displacing the dollar in the aftermath of the 9/11 backlash against the Arab world. Those plans have been presumably put in cold storage.

Subroto Roy thinks among Edward Hugh’s interesting points on Dubai’s technical default, is that crane-usage may be a leading indicator, at least in “emerging markets”…..