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A manhunt is underway in Mumbai, India for at least four men believed to be in the city to carry out a terrorist attack. We speak to New York Times correspondent Vikas Bajaj. Plus, the day's top stories.

The Indian economy continues to be a bright spot on the globe and some forecasters expect it to grow by seven percent by the end of 2009. The U.S. effects outsourced administrative work from India and call centers in India, but at the same time, some Indian firms acquired European companies in the last decade. Europe's economic decline is a ripple effect heading east.

Vikas Bajaj is a reporter for the New York Times and joins The Takeaway to talk about the effects of the global economic downturn on India before he heads out to Mumbai.

President Obama's housing plan encourages banks to modify mortgages to help homeowners stave off foreclosure. However, the nation's 14 largest banks reported that more than half of the loans they modified last year were delinquent again after just six months. But several small mortgage companies, which have more experience with modifications, say that less than 25 percent of their modified loans became delinquent again. Vikas Bajaj wrote about this for our partner, The New York Times, in today's paper and he joins us now. For more, read Vikas Bajaj's article, Modifying Mortgages Can Be Tricky in today's New York Times.

Listen to our earlier segment on the housing plan with personal finance adviser Alvin Hall.

Vikas Bajaj, New York Times reporter, discusses the bailout plan for homeowners currently under discussion.

New York Times reporter Vikas Bajaj talks about how emotions are trumping logic when it comes to the markets and other financial news.

New York Times reporter Vikas Bajaj talks about how the credit crunch affects municipalities' ability to operate.