With India gearing up for a monumental two-month-long election, the nation's economy is feeling the surge. From textile factories in temple town Mathura to bustling markets in Delhi, the demand for election merchandise is skyrocketing.

Lok Sabha Election 2024: Indian election merchandise demand skyrockets

Jordan Bardella, the 28-year-old protégé of France's far-right Marine Le Pen, has amassed over 1 million followers on the Chinese-owned video app in less than three years. The leader of the country's far-right National Rally became a social media sensation by ignoring what he does best: politics. Watch to know more.

European parliamentary elections: Politicians use social media to woo voters

As per the report, Indian Prime Minister Narendra Modi is confident of winning a national election starting this month and has set an ambitious target of roughly doubling the economy and exports this decade.

Report: PM Modi sets ambitious goals for Indian economy

India's growth story has been powered by a number of factors. In Pollnomics today, we look at some of the key economic strengths. We also look at some weaknesses that India needs to tackle for greater economic success.

Indian economy's strengths & challenges: Explained

In Syria, it's not the war that directly is impacting Ramadan celebration instead it's the pinching economic crisis that is keeping people from truly enjoying themselves on Islam's holiest month. Watch in for more details!

Syrian feel the economic pinch this Ramadan

The growth forecast has been made for the Indian economy. The Indian economy is projected to grow at 7.5% in 2024, says the World Bank. The increase in the projected growth rate for the Indian economy comes following 8.4% surge in the country’s GDP.

World Bank raises India’s GDP growth forecast to 7.5%

India's growth story has been the talk of the town. And nothing signifies India's rise like the stock markets. Indian markets have been among the best-performing ones globally. This report gives us a snapshot of the stock market performance in the last fiscal year.

Indices outperform peers in UK, Europe, China & South Korea

Oil rose a little, with Brent crude hitting 87 dollars per barrel even as red sea tensions escalated. Gold rose by 1.1%, continuing its upward trajectory. The dollar continues its gains as expectations for a fed cut in June gain traction. Japan's markets are down 1.5%.

Global markets performance in March

India is the fastest-growing major economy in the world, but government policies and spending have failed to kick-start rural demand after the pandemic. With India's general election campaigning in full swing, can rural demand get a much-needed boost? We explore it in this report.

India Election 2024: Will polls spur India's rural economy?

India's finance minister, Nirmala Sitharaman, has said that the gross domestic product is on track to grow by 8% or more in the first three months of 2024. Improved inflation management and macroeconomic stability is likely to help India clock the same rate of expansion for the 2023/24 financial year.

Sitharaman: GDP on track to grow by 8 per cent in Jan-Mar 2024

The US Economy has once again surprised analysts by growing faster than estimated in the October-December quarter last year. The reasons? Strong consumer spending and surge in business investments.

US Economy grows faster than expected in October-December 2023

Confidence in the Indian economy has soared to unmatched levels, with the nation seeing&nbsp;a remarkable surge in billionaire numbers, according to the Hurun Global Rich List 2024.

Mumbai has outpaced Beijing to claim the title of Asia’s billionaire capital, with 92 billionaires compared to Beijing’s 91, marking a major&nbsp;shift in wealth dynamics.

Mumbai experienced a 47 per cent surge in wealth over the past year, contrasting with Beijing's 28 per cent&nbsp;decline, solidifying the position of the financial capital of India.

<a href="https://www.wionews.com/world/who-is-pavan-davuluri-the-new-head-of-microsoft-windows-and-surface-704406">Also read |&nbsp;Who is Pavan Davuluri- the new head of Microsoft Windows and Surface?</a>

<h2>India outpaces China in billionaire growth</h2>

India significantly outstripped China in billionaire additions, with 94 new billionaires compared to China's 55.

Reliance Chairman and Managing Director Mukesh Ambani maintained his position as Asia's wealthiest individual, adding $33 billion to his wealth, while Gautam Adani climbed to 15th place globally with a wealth surge of 62 per cent.

Artificial Intelligence emerged as a major impetus&nbsp;for wealth accumulation, contributing to over half of the new wealth generated globally, with tech giants such as Nvidia making significant strides in the market.

The United States led the world in billionaire additions, fuelled by record-high stock market performance, with New York reclaiming its status as the "Billionaire Capital of the World."

China witnessed profound changes in its wealth landscape, with declines in real estate and renewables sectors, although it still boasts more billionaires than the US despite a notable drop in numbers.

Also watch |&nbsp;India elections 2024: India’s green hydrogen mission ignites clean energy innovation

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-elections-2024-indias-green-hydrogen-mission-ignites-clean-energy-innovation-704466/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Meanwhile, Russia added six billionaires amidst currency fluctuations, while Israel saw an increase of nine billionaires, despite ongoing conflicts, reflecting diverse economic trajectories in different geopolitical contexts.

(With inputs from agencies)

&nbsp;

Confidence in the Indian economy has soared to unmatched levels, with the nation seeing a remarkable surge in billionaire numbers, according to the Hurun Global Rich List 2024.

Confidence in the Indian economy has soared to unmatched levels, with the nation seeing a remarkable surge in billionaire numbers, according to the Hurun Global Rich List 2024. Mumbai has outpaced Beijing to claim the title of Asia’s billionaire capital, with 92 billionaires compared to Beijing’s 91, marking a major shift in wealth dynamics. Mumbai experienced a 47 per cent surge in wealth over the past year, contrasting with Beijing's 28 per cent decline, solidifying the position of the financial capital of India. Also read | Who is Pavan Davuluri- the new head of Microsoft Windows and Surface? India outpaces China in billionaire growth India significantly outstripped China in billionaire additions, with 94 new billionaires compared to China's 55. Reliance Chairman and Managing Director Mukesh Ambani maintained his position as Asia's wealthiest individual, adding $33 billion to his wealth, while Gautam Adani climbed to 15th place globally with a wealth surge of 62 per cent. Artificial Intelligence emerged as a major impetus for wealth accumulation, contributing to over half of the new wealth generated globally, with tech giants such as Nvidia making significant strides in the market. The United States led the world in billionaire additions, fuelled by record-high stock market performance, with New York reclaiming its status as the "Billionaire Capital of the World." China witnessed profound changes in its wealth landscape, with declines in real estate and renewables sectors, although it still boasts more billionaires than the US despite a notable drop in numbers. Also watch | India elections 2024: India’s green hydrogen mission ignites clean energy innovation Meanwhile, Russia added six billionaires amidst currency fluctuations, while Israel saw an increase of nine billionaires, despite ongoing conflicts, reflecting diverse economic trajectories in different geopolitical contexts. (With inputs from agencies)

India’s billionaire boom: Mumbai overtakes Beijing as Asia’s wealth hub

The rise of India as an economic powerhouse shines brightly offering consumers a taste of prosperity unparalleled in many other nations but the question is could the economics of prosperity translate to votes for the incumbent government. Watch to know more!

India elections 2024: India enjoys third-highest purchasing power in the world

As India stands on the precipice of another pivotal election, the economic landscape of the nation's states reveals a narrative of cautious optimism and fiscal prudence. This next report decodes why state finances are important for the world's largest democracy and its thriving economy.

India elections 2024 |Are states supporting India's growth?

India elections 2024 | Decoding: Why State Govt policies are important for India

The China Evergrande crisis has reached the doorsteps of global accounting giant PWC. Chinese authorities are examining the role of PWC in the developer's accounting practices. This move comes after the developer was accused of a $78 billion fraud.

Report: probe over PWC's role in developer's accounting practice

Bank of Japan's decision to end its nearly decade-long negative interest rate policy marks a significant shift in the country's economic strategy. This move, announced on Tuesday, is causing businesses and consumers to reassess their financial outlook.

Japanese consumers expect higher wages after rate hike

Chinese regulators have tightened the reins on the consumer finance sector, impacting millions relying on high-interest loans. With stricter rules forcing consolidation and deeper pockets, questions arise over the fate of smaller players.

New capital rules squeeze China's consumer finance sector

It won't be wrong to say that the startup sector has been the flag-bearer of India's growth story. From around 350 in 2014, the number of startups has risen to over 100,000. This also reflects the growing clout of the sector, which is expected to employ millions in the next decade. This report tells you about the rise of startups in India's economy.

Startups likely to add $1 trillion to India's economy by 2030

India's national carrier, Air India, is undergoing a significant transformation with a focus on becoming a major aviation hub. The airline has been taking delivery of a new aircraft every six days for the past six months, and is expected to receive the same over the next 12 months!

Air India CEO envisions multiple international hubs in India

The International Monetary Fund is seeing a dramatic rise in borrowing from its member countries. This surge is being driven by a combination of factors creating economic instability around the world. The report explains what it means for the global economy.

IMF support hits $151 billion, aiding struggling economies

A majority of Germans believe the military has lost the ability to defend the nation. This is according to a survey in which only 10% respondents expressed confidence in the armed forces. Watch the video for more details!

German Chancellor Olaf Scholz vows to provide more aid to Ukraine

China is off to a robust start in 2024. Factory output and retail sales have surpassed expectations. However, the property sector continues to dampen its growth trajectory. This report looks at China’s economic performance in 2024 so far.

China's mixed start to 2024

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China. 
 
This decision, which represents around 16 per cent of the unit's total headcount, comes amidst a broader effort by FIL to streamline its operations worldwide. 
 
While the specific roles of the affected employees have not been disclosed, Reuters cited sources familiar with the matter have revealed details of the downsising. 
 
FIL's China unit, which currently employs 120 staff members, is expected to undergo restructuring as part of the company's cost reduction program, aimed at achieving savings of around $125 million in 2024 and reducing its global workforce by 9 per cent. 
 
When questioned about the situation in China, a spokesperson for the London-based firm stated that the review process is ongoing, emphasising that no final decisions have been made regarding the China business. 
 
&nbsp;This move highlights the challenges faced by global asset managers in navigating the uncertainties present in the world's second-largest economy. 
 
The difficulties encountered by asset managers in China's market are evident in recent developments, including stock market declines and a deepening debt crisis in the property sector and local governments. 
 
Over the past 12 months, China's stock benchmark CSI300 has fallen by nearly 9 per cent, reaching a five-year low in the previous month. 
 
This challenging landscape has prompted other financial institutions to take similar actions, such as Morgan Stanley, which reportedly laid off approximately 9 per cent of its asset management unit staff in China last December. 
 
Additionally, US asset manager Matthews International Capital Management announced the closure of its Shanghai office. 
 
FIL, headquartered in London, gained regulatory approval to operate in China's $3.7 trillion mutual fund industry in late 2022. 
 
Despite the challenging market conditions, FIL's China unit manages three fund products with assets totaling $931 million as of January's end. 
 
Notably, while FIL China's equity fund has experienced a 10.1 per cent decline since its debut in April 2023, its two bond funds have outperformed benchmarks during their limited time in operation. 
 
This puts the spotlight on FIL's commitment to navigating the complexities of China's market and delivering value to its investors. 
 
The mutual fund industry in China boasts a diverse landscape, with over 150 companies operating in the market, including prominent foreign asset managers like BlackRock, Schroders, and JPMorgan Asset Management. 
 
The opening up of China's financial sector to foreign firms in 2019 paved the way for increased competition and opportunities for international players like FIL. 
 
As a former international investment arm of Boston-based Fidelity Investments, FIL has a long-standing reputation and expertise in global asset management. 
 
(With inputs from Reuters)

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China.

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China. This decision, which represents around 16 per cent of the unit's total headcount, comes amidst a broader effort by FIL to streamline its operations worldwide. While the specific roles of the affected employees have not been disclosed, Reuters cited sources familiar with the matter have revealed details of the downsising. FIL's China unit, which currently employs 120 staff members, is expected to undergo restructuring as part of the company's cost reduction program, aimed at achieving savings of around $125 million in 2024 and reducing its global workforce by 9 per cent. When questioned about the situation in China, a spokesperson for the London-based firm stated that the review process is ongoing, emphasising that no final decisions have been made regarding the China business. This move highlights the challenges faced by global asset managers in navigating the uncertainties present in the world's second-largest economy. The difficulties encountered by asset managers in China's market are evident in recent developments, including stock market declines and a deepening debt crisis in the property sector and local governments. Over the past 12 months, China's stock benchmark CSI300 has fallen by nearly 9 per cent, reaching a five-year low in the previous month. This challenging landscape has prompted other financial institutions to take similar actions, such as Morgan Stanley, which reportedly laid off approximately 9 per cent of its asset management unit staff in China last December. Additionally, US asset manager Matthews International Capital Management announced the closure of its Shanghai office. FIL, headquartered in London, gained regulatory approval to operate in China's $3.7 trillion mutual fund industry in late 2022. Despite the challenging market conditions, FIL's China unit manages three fund products with assets totaling $931 million as of January's end. Notably, while FIL China's equity fund has experienced a 10.1 per cent decline since its debut in April 2023, its two bond funds have outperformed benchmarks during their limited time in operation. This puts the spotlight on FIL's commitment to navigating the complexities of China's market and delivering value to its investors. The mutual fund industry in China boasts a diverse landscape, with over 150 companies operating in the market, including prominent foreign asset managers like BlackRock, Schroders, and JPMorgan Asset Management. The opening up of China's financial sector to foreign firms in 2019 paved the way for increased competition and opportunities for international players like FIL. As a former international investment arm of Boston-based Fidelity Investments, FIL has a long-standing reputation and expertise in global asset management. (With inputs from Reuters)

Fidelity International plans layoffs amid China market challenges

India's economy continues to be a bright spot in the global economy. While others are struggling to achieve economic momentum, India is on its way to becoming a $5 trillion economy. Various factors will play a role in India's next big economic milestone. This report sheds light on the role of states in guiding India towards its vision.

Indian states set trillion-dollar targets

Indian states aim trillion-dollar GDP

UK Prime Minister Rishi Sunak has insisted "the economy is turning a corner" as he urged mutinous Tory MPs to "stick to the plan" amid reports of a plot to oust him before the election.

Rishi Sunak urges terrified Tories to 'stick with' his economy plan

Indian states aims to become a $5 -trillion gross domestic product (GDP) by 2027, and to become the third largest economy in the world. Watch in for more details!

India aims to become a $5 trillion economy by 2027

UK: Rishi Sunak urges Tories to 'stick with' his economy plan amid reports of plot to oust him

In the United Kingdom, the economic outlook continues to remain bleak. The latest government figures on insolvency paints a worrying picture of the UK's business environment. The number of companies declared insolvent in England and wales in February was 17% higher than 2023. 2,102 companies were declared insolvent, up from 1,801 in February 2023.

Over 2000 firms declare insolvency in February 2024

The Election Commission of India (ECI) has unveiled the schedule for the 2024 Lok Sabha polls and assembly elections in some states...Chief Election Commissioner Rajiv Kumar detailed the schedule & emphasized on the election process for the upcoming polls during a press briefing in Vigyan Bhawan, Delhi. Watch to know more!

Lok Sabha Elections: EC announces poll dates, leaders react to date announcement

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