Indian economy shrank 9.6% in 2020-21, can rise with vaccine to 5.4% next fiscal: World Bank

Agencies
January 6, 2021

Washington, Jan 6: India's economy battered by the Covid-19 pandemic is forecast to crater by 9.6 per cent during the current financial year but can recover by 5.4 per cent next financial year if there is wide vaccination against the disease and it is contained, the World Bank reported on Tuesday.

The Bank's Global Economic Prospects Report said that the optimistic forecast for 2021-22 "assumes that a vaccine will be distributed on a large scale in the region starting the second half of 2021 and that there is no widespread resurgence in infections".

About the economy's contraction, the report said, "In India, the pandemic hit the economy at a time when growth was already decelerating" and "the estimated contraction of the economy by 9.6 per cent during 2020-21 reflects "a sharp drop in household spending and private investment".

Looking ahead, the report said that India's recovery would be constrained by the weak financial sector.

The 5.4 per cent growth rate forecast for in 2021-22 -- a "rebound from a low base" -- would be "offset by muted private investment growth given financial sector weaknesses", the report said noting that "in the financial sector, non-performing loans were already high before the pandemic".

In the South Asia region, the Bank said that the economy overall fell by 6.7 per cent in 2020 "reflecting the effects of the pandemic and nationwide lockdowns, particularly in Bangladesh and India".

But it added, "Activity rebounded in the second half of last year, led by industrial production, as initial stringent lockdowns were eased."

The global economy, which contracted by 4.3 per cent in 2020 is forecast to grow by 4 per cent next year if "an initial Covid-19 vaccine rollout becomes widespread throughout the year", the report said.

The report warned that for the South Asia region, "Risks to the outlook are tilted to the downside."

Besides severe and longer-lasting coronavirus infection rates, the other risks include "financial and debt distress caused by an abrupt tightening of financing conditions or possible widespread corporate bankruptcies".

"Additional stress on domestic banks in the region could be triggered by the economic consequences of a more protracted recovery from the pandemic, which in turn could lead to a rise in bankruptcies and weaken the balance sheets of the banking and non-banking sectors," it added.

China, from where the Covid-19 pandemic spread, is expected to see its economy grow by 7.9 per cent -- the world's fastest -- this year after contracting 2 per cent last year.

The report's forecast for the US economy is a 3.5 per cent growth in 2021, after an estimated contraction of 3.6 per cent in 2020.

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News Network
January 31,2026

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Bengaluru: The shooting incident involving CJ Roy, founder of the Confident Group, has once again put the spotlight on a businessman whose life has swung between flamboyant global success and persistent controversy at home.

Though Roy’s business interests extended across continents, his roots lay firmly in Karnataka. An alumnus of Christ School in Bengaluru, he later moved to Tumakuru to pursue an engineering degree. Those familiar with his early years describe him as intensely ambitious, beginning his career as a salesman at a small electronics firm dealing in computers.

Roy’s entry into large-scale real estate came through the Crystal Group, where he worked closely with Latha Namboothiri and rose from manager to director. However, the launch of the Confident Group in 2005 was clouded by industry speculation. Insiders speak of a fallout involving alleged “benami” properties and claims of deception that ultimately led to his independent venture—an episode Roy spent years trying to distance himself from, according to associates.

A tale of two cities

Roy’s professional trajectory diverged sharply across geographies.

In Dubai, he built a reputation as a bold and efficient developer, completing massive luxury residential projects in record time—some reportedly within 11 months. His rapid project delivery and lavish lifestyle in the Emirates earned him admiration and visibility in the real estate sector.

In Bengaluru, however, his image remained far more fractured. Sources say Roy stayed away from the city for several years amid disputes over unpaid dues to vendors and suppliers. Several projects were allegedly stalled, with accusations of unfulfilled commitments to cement and steel suppliers continuing to follow him.

Roy’s return to Bengaluru’s business and social circles began around 2018, marked by a conscious attempt at rebranding. His appointment as Honorary Consul of the Slovak Republic added diplomatic legitimacy, which he complemented with visible CSR initiatives, including ambulance donations and high-profile charity events.

Heavy police presence in Langford Town

Following the incident, police personnel from the Central division were deployed outside the Confident Group building in Langford Town, which also houses the Slovak Honorary Consulate in Bengaluru.

The otherwise busy premises near Hosur Road wore a deserted look on Friday, reflecting the shock and uncertainty that followed the tragedy.

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News Network
January 20,2026

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Iranian security and intelligence forces have captured more than 470 individuals in three provinces, identified as key figures behind the recent wave of violent unrest and terrorist activities linked to foreign-backed networks.

The Intelligence Ministry's provincial office in Khorasan Razavi announced on Monday the arrest of 192 armed terrorists, identified as the main agents behind recent riots in the region. 

According to an official statement, the detainees were involved in the killing of several security personnel and civilians, setting fire to mosques, public service facilities, and buses, as well as attacks on military and law enforcement centers.

The seized items from the group include several bulletproof vests, Kalashnikov rifles, hunting weapons, Winchester rifles, and various cold weapons such as daggers, swords, brass knuckles, tactical knives, crossbows, and chains.

Evidence indicates that some of the individuals were tied to hostile movements and terrorist organizations, with links overseas. Others were identified as members of violent criminal gangs, actively taking part in the unrest alongside their associates.

Simultaneously, in the western province of Lorestan, the IRGC announced the arrest of 134 individuals as the main leaders and influential field agents of a US-Israeli terrorist network.

The IRGC statement stated that these individuals formed terrorist cells during the recent unrest, committing "Daesh-like" acts.

They wounded security forces with firearms and cold weapons, and burned and destroyed public and private properties, including mosques, shops, banks, and private and public vehicles.

In the northwestern province of Zanjan, the police reported detaining 150 people identified as principal leaders and agents behind recent riots.

Authorities noted that these individuals were responsible for destroying public and private property and intentionally setting fire to vehicles in the province's squares.

Their crimes include shedding the blood of innocent people, destroying public and private property, attempting to enter military sites, disrupting public order, and spreading terror among citizens.

A variety of cold weapons were reportedly seized from the detainees.

What began late last month as peaceful protests over economic hardship across Iran turned violent after public statements by US and Israeli regime figures encouraged vandalism and disorder.

During the unrest, foreign-backed mercenaries rampaged through cities, killing security forces and civilians and damaging public property.

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News Network
January 31,2026

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A fresh cache of files related to the investigation into the late convicted sex offender Jeffrey Epstein contains documents that reference President Donald Trump and other high-profile figures including Microsoft co-founder Bill Gates, Commerce Secretary Howard Lutnick and British billionaire Richard Branson.

Here are key details about mentions of the celebrities, none of whom have been accused of wrongdoing:

Donald Trump

The files included an FBI-compiled list of sexual assault allegations related to President Donald Trump -- many of them involving anonymous callers and unverified tips.

The allegations -- some secondhand -- were sent to the FBI's National Threat Operations Center which receives information by phone and electronically.

The document suggests that investigators followed up on a number of the tips. Some were deemed to lack credibility.

Trump has long denied any wrongdoing related to Epstein.

In a statement accompanying Friday's file dump, the Justice Department said: "Some of the documents contain untrue and sensationalist claims against President Trump that were submitted to the FBI right before the 2020 election. To be clear, the claims are unfounded and false."

Bill Gates

In a draft email among the documents, Epstein alleged Gates had engaged in extramarital affairs.

In the mail, Epstein wrote that his relationship with Gates had ranged from "helping Bill to get drugs, in order to deal with consequences of sex with russian girls, to facilitating his illicit trysts, with married women."

Richard Branson

Files show friendly relations between the two billionaires.

In an email sent to Epstein on Sept 11, 2013, Branson wrote "It was really nice seeing you yesterday. The boys in Watersports can't stop speaking about it! Any time you're in the area would love to see you. As long as you bring your harem!"

Elon Musk

The files contain numerous mail exchanges between Epstein and billionaire entrepreneur Elon Musk.

In November 2012, Epstein sent Musk an email asking "how many people will you be for the heli to island."

"Probably just Talulah and me. What day/night will be the wildest party on your island?" Musk replied.

Andrew Mountbatten-Windsor

The disgraced former prince invited Epstein to visit him at Buckingham Palace in September 2010 while the financier was making a trip to London.

An email exchange shows Epstein contacting Andrew to ask: "What time would you like me... we will also need... private time."

Andrew replied: "we could have dinner at Buckingham Palace and lots of privacy."

Howard Lutnick

Emails show that Epstein and businessman Lutnick -- currently Trump's commerce secretary -- made plans in December 2012 to lunch on Epstein's Caribbean island.

"We are heading towards you from St. Thomas" Lutnick's wife wrote to Epstein's secretary, asking where they should anchor.

Steve Tisch

Several mails suggested Epstein connected Steve Tisch, 76, producer of the movies "Forrest Gump" and "Risky Business" and the co-owner of the New York Giants football team, with multiple women.

In one exchange with Tisch, Epstein describes a woman as "russian, and rarely tells the full truth, but fun."

Zohran Mamdani's Mother, Filmmaker Mira Nair 

New York City Mayor Zohran Mamdani's mother, Mira Nair, attended an afterparty at convicted sex trafficker Ghislaine Maxwell's house for her 2009 film "Amelia", reveals a new set of Epstein files.

An email dated October 21, 2009, sent by publicist Peggy Siegal to Jeffrey Epstein, also surfaced in documents. The email, sent in the early hours, right after Siegal left the gathering, gives an insight into the afterparty. 

The party was also attended by former President Bill Clinton and Amazon CEO Jeff Bezos.

"Just left Ghislaine's townhouse...after party for film. Bill Clinton and Jeff Bezos were there...Jean Pigoni, director Mira Nair....etc," the email read.

The email described the reaction of guests to Nair's film as "tepid."

"Film received tepid reaction although women like it much more...Hillary Swank and Gen: at stupid party in Bloomingdales cheap sportwear department....very weird. Studio went for free party from store and windows for a month....Going to be in Wall Street 2 tomorrow ....more to come. xoxo Peg," the email read.

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