A new poll says Americans are concerned about President Joe Biden’s handling of the economy, despite recent positive economic indicators. The survey puts Biden's approval rating at 38 percent in January and predicts a tight race with challenger Donald Trump.

Voters concerned over Biden's handling of economy, finds poll

Sri Lanka eyes $5 billion in foreign funds. Colombo expects to raise $5 billion in foreign funds over next two years. Sri Lanka anticipates injection of money after debt restructuring. Watch to know more!

Sri Lanka: Colombo expects to raise $5 billion in foreign funds over next two years

Last year, the Philippines became Southeast Asia’s fastest-growing economy, overtaking Vietnam and Malaysia. Three big factors helped the economy top the growth chart: consumption, services and investment. Gross domestic product expanded 5.6%, surpassing the Bloomberg estimate of 5.5%.

The Philippines becomes Southeast Asia’s fastest-growing economy

WION's exclusive interview with Dr. V Anantha Nageswaran, the Chief Economic Advisor to the Government of India. What are the risks to the robust growth outlook for India, which the government says will be a developed economy by 2047? Watch to learn more about the thought process behind the government's focus on women, farmers, the poor, and the youth. Watch the candid conversation with the Chief Economic Advisor to the Government of India, who breaks down India's fiscal discipline plan and calls the path "realistic", not "ambitious".

WION's exclusive interview with Dr. V Anantha Nageswaran

A look at how Global markets performed in January. Oil rose over 6% with Brent crude hitting nearly $83 a barrel even as Red Sea tensions escalate. Gold closed out the month slightly lower but still held above the $2,000 mark. Watch to know more!

Global Economy Outlook | Market moves in January

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology. The government's commitment to comprehensive development and global branding of iconic tourist centres signals a strategic approach to tap into the vast opportunities within the tourism industry.

Finance Minister Nirmala Sitharaman emphasised the encouragement of states to undertake the holistic development of iconic tourist destinations. The focus includes global-scale branding, marketing initiatives, and the exploration of opportunities in spiritual tourism.&nbsp;

"States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale... Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," Sitharaman said in her budget speech.

Amid the pandemic, there has been a notable surge in domestic tourism. To capitalise on this trend, the budget proposes projects for port connectivity, tourism infrastructure, and amenities, particularly in island regions such as Lakshadweep. These endeavours aim not only to boost tourism but also to create additional employment opportunities.

"To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also," the finance minister said.

<a href="https://www.wionews.com/india-news/budget-2024-amrit-peedhi-to-kartavya-kaal-all-new-hindi-phrases-used-by-nirmala-sitharaman-in-her-speech-685883">Also read |&nbsp;Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal', all new Hindi phrases used by Nirmala Sitharaman in her speech</a>

<h2>Infrastructure boost</h2>

The budget outlines a significant 11 per cent increase in infrastructure capital expenditure (capex) for the fiscal year 2025, amounting to ₹11.11 trillion. This substantial investment is expected to generate both formal and informal jobs, providing a crucial stimulus to the economy.

Industry experts highlight the positive effects on the hospitality sector, foreseeing increased employment due to a rise in religious and business tourism.

Additionally, the construction sector is expected to benefit from the ambitious construction of two crore houses under the PM Awas Yojana (Grameen).

<h2>Technological advancements</h2>

The budget's forward-looking approach includes substantial investments in sunrise sectors and deep tech.

Also watch |&nbsp;Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/budget-2024-government-working-on-all-round-all-pervasive-all-inclusive-growth-says-sitharaman-685913/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan is particularly noteworthy. This corpus is designed to provide long-term financing, encouraging the private sector to scale up research and innovation in emerging technological domains.

"For our tech-savvy youth, this will be a golden era. A corpus of&nbsp;₹1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains," the finance minister said.

(With inputs from agencies)

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology.

In the upcoming fiscal year, various budget proposals are poised to stimulate economic growth and generate employment in key sectors such as tourism, infrastructure, ports, construction, and technology. The government's commitment to comprehensive development and global branding of iconic tourist centres signals a strategic approach to tap into the vast opportunities within the tourism industry. Finance Minister Nirmala Sitharaman emphasised the encouragement of states to undertake the holistic development of iconic tourist destinations. The focus includes global-scale branding, marketing initiatives, and the exploration of opportunities in spiritual tourism. "States will be encouraged to take up comprehensive development of iconic tourist centres, branding and marketing them at global scale... Tourism, including spiritual tourism, has tremendous opportunities for local entrepreneurship," Sitharaman said in her budget speech. Amid the pandemic, there has been a notable surge in domestic tourism. To capitalise on this trend, the budget proposes projects for port connectivity, tourism infrastructure, and amenities, particularly in island regions such as Lakshadweep. These endeavours aim not only to boost tourism but also to create additional employment opportunities. "To address the emerging fervour for domestic tourism, projects for port connectivity, tourism infrastructure and amenities will be taken up on our islands, including Lakshadweep. This will help in generating employment also," the finance minister said. Also read | Budget 2024: 'Amrit Peedhi' to 'Kartavya Kaal', all new Hindi phrases used by Nirmala Sitharaman in her speech Infrastructure boost The budget outlines a significant 11 per cent increase in infrastructure capital expenditure (capex) for the fiscal year 2025, amounting to ₹11.11 trillion. This substantial investment is expected to generate both formal and informal jobs, providing a crucial stimulus to the economy. Industry experts highlight the positive effects on the hospitality sector, foreseeing increased employment due to a rise in religious and business tourism. Additionally, the construction sector is expected to benefit from the ambitious construction of two crore houses under the PM Awas Yojana (Grameen). Technological advancements The budget's forward-looking approach includes substantial investments in sunrise sectors and deep tech. Also watch | Budget 2024: Government working on all-round, all-pervasive, all-inclusive growth, says Sitharaman The establishment of a ₹1 lakh crore corpus with a 50-year interest-free loan is particularly noteworthy. This corpus is designed to provide long-term financing, encouraging the private sector to scale up research and innovation in emerging technological domains. "For our tech-savvy youth, this will be a golden era. A corpus of ₹1 lakh crore will be established with a 50-year interest-free loan. The corpus will provide long-term financing or refinancing with long tenures and low or nil interest rates. This will encourage the private sector to scale up research and innovation significantly in sunrise domains," the finance minister said. (With inputs from agencies)

India Interim Budget 2024: This is what is in store for jobs in tourism, infra, and deep tech

Ahead of the interim budget, the Indian government released a concise report on the economy's health. The report suggests India could become a 5 trillion-dollar economy within the next three years.

Budget 2024: India's economic health report

A roundup of the latest economic data points to robust US economic health but a struggling euro zone. That highlights the differing economic paths and risks to the region from the war on the edge of Europe.

Data highlight robust US economy

As of January 31, the Reserve Bank of India (RBI) has imposed significant business restrictions on Paytm Payments Bank. This includes barring the acceptance of fresh deposits and conducting credit transactions after February 29. Moreover, on March 11, the RBI extended the restrictions by prohibiting Paytm Payments Bank from onboarding new customers.

<h2>Supervisory concerns and non-compliances</h2>

The RBI's action was prompted by a Comprehensive System Audit report, followed by a compliance validation report from external auditors.

These reports highlighted persistent non-compliances and ongoing supervisory concerns within the bank. The severity of these issues necessitated additional supervisory measures.

Effective from February 29, 2024, Paytm Payments Bank is restricted from accepting further deposits, conducting credit transactions, or enabling top-ups in customer accounts, prepaid instruments, wallets, FASTags, and NCMC cards.

<a href="https://www.wionews.com/business-economy/budget-2024-all-eyes-on-capex-685506">Also read |&nbsp;Budget 2024: All eyes on the government's capex as India pushes for big-ticket infrastructure</a>

However, allowances are made for interest, cashbacks, or refunds that may be credited at any time. The withdrawal or utilisation of balances by customers, across various accounts and instruments, remains permissible without restrictions, up to their available balance.

Post-February 29, 2024, the bank is barred from offering any banking services, excluding withdrawals and balance utilisation. This includes fund transfers encompassing services such as AEPS, IMPS, BBPOU, and UPI facilities.

Also watch |&nbsp;India: Delhi witnessed its coldest January in 13 years: Weather department

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/india-delhi-witnessed-its-coldest-january-in-13-years-weather-department-685519/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The RBI has mandated the prompt termination of Nodal Accounts associated with One97 Communications Ltd and Paytm Payments Services Ltd. This directive is to be executed expeditiously, with the deadline set for no later than February 29, 2024.

(With inputs from agencies)

As of January 31, the Reserve Bank of India (RBI) has imposed significant business restrictions on Paytm Payments Bank. This includes barring the acceptance of fresh deposits and conducting credit transactions after February 29.

As of January 31, the Reserve Bank of India (RBI) has imposed significant business restrictions on Paytm Payments Bank. This includes barring the acceptance of fresh deposits and conducting credit transactions after February 29. Moreover, on March 11, the RBI extended the restrictions by prohibiting Paytm Payments Bank from onboarding new customers. Supervisory concerns and non-compliances The RBI's action was prompted by a Comprehensive System Audit report, followed by a compliance validation report from external auditors. These reports highlighted persistent non-compliances and ongoing supervisory concerns within the bank. The severity of these issues necessitated additional supervisory measures. Effective from February 29, 2024, Paytm Payments Bank is restricted from accepting further deposits, conducting credit transactions, or enabling top-ups in customer accounts, prepaid instruments, wallets, FASTags, and NCMC cards. Also read | Budget 2024: All eyes on the government's capex as India pushes for big-ticket infrastructure However, allowances are made for interest, cashbacks, or refunds that may be credited at any time. The withdrawal or utilisation of balances by customers, across various accounts and instruments, remains permissible without restrictions, up to their available balance. Post-February 29, 2024, the bank is barred from offering any banking services, excluding withdrawals and balance utilisation. This includes fund transfers encompassing services such as AEPS, IMPS, BBPOU, and UPI facilities. Also watch | India: Delhi witnessed its coldest January in 13 years: Weather department The RBI has mandated the prompt termination of Nodal Accounts associated with One97 Communications Ltd and Paytm Payments Services Ltd. This directive is to be executed expeditiously, with the deadline set for no later than February 29, 2024. (With inputs from agencies)

India: RBI enforces major business restrictions on Paytm Payments Bank

Germany is struggling to revive its sluggish economy. It is now opting for an experiment. A six-month program is kicking off in Germany that will allow 4-day work week from February 1.

Why is Germany planning to try a four-day work week from February 1?

In a landscape fraught with economic uncertainties, the United States stands out as a beacon of stability, showcasing a commendable economic performance that leaves global counterparts in the shadows. As the Eurozone grapples with stagnant growth and the Chinese market experiences a period of volatility, the United States has orchestrated a stable economic narrative, and at the heart of this success lies the poise of its consumers.

How US consumers defied recessionary fears

In the ongoing saga of financial mismanagement and governmental failure, Pakistan has once again turned to China, begging for a 2 billion dollar loan.

Another $2bn plea to China reveals economic abyss

As the US Stock market enjoys a robust start to the year, the upcoming week promises a flurry of events that will test the resilience of the current optimism. The S&P 500 has been scaling new highs this past week, mostly fueled by expectations of a US Economic "soft-landing."

Wall Street week ahead

In an unprecedented move, the Argentina government has withdrawn major spending reforms, even as President Javier Milei tries to push through structural reforms for the economy.

Javier Milei's government withdraws controversial tax & pension reforms

In a dazzling display of economic optimism, luxury giant LVMH's latest results have sparked a $70 billion buying spree across the luxury shares market, adding a touch of glamour to the financial landscape.

What LVMH's results tell us about the global economy

US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook.

"I think 2024 is going to be a very good economic year. That said, there are always risks," Yellen told ABC News Correspondent Elizabeth Schulze in an interview in Chicago.

Yellen highlighted the confidence among consumers and households in their financial situations, emphasising their willingness to spend.

According to her, this spending behaviour not only creates jobs but also fosters economic growth, providing people with the income needed to sustain this positive momentum.

Yellen's comments followed a robust GDP report, defying earlier predictions of a recession.

The Biden administration aims to leverage this unexpected economic strength to counter prevailing pessimistic sentiments among voters in the lead-up to the 2024 election.

<a href="https://www.wionews.com/world/us-alabama-makes-history-with-first-execution-using-nitrogen-gas-683713">Also read |&nbsp;In a first, Alabama death row inmate Kenneth Smith executed with nitrogen gas</a>

<h2>Changing economic sentiment</h2>

Recent surveys, including the University of Michigan's consumer sentiment index, indicated a significant improvement in people's outlook on the economy.

Yellen sees this shift as a promising sign, potentially influencing voters' perceptions of the economic landscape.

Actively engaging in the political discourse, Yellen and President Joe Biden visited the Midwest to underscore the administration's successes in areas such as infrastructure, manufacturing, and clean energy.

Yellen's speech in Chicago highlighted policy achievements, while Biden visited a key swing state, Wisconsin, to showcase a bridge construction project funded by his legislation.

<a href="https://www.wionews.com/world/donald-trump-briefly-testifies-at-jean-carroll-defamation-trial-in-new-york-683720">Also read |&nbsp;Donald Trump briefly testifies at Jean Carroll defamation trial in New York</a>

In an unusual move for Yellen, she directly slammed&nbsp;former president Donald Trump, contrasting his policies with those of the current administration.

Yellen emphasised the success of Biden's investments in steering the country away from post-pandemic economic hardships and criticised Trump's tax cut legislation, which, according to her, primarily benefited wealthy corporations rather than the middle class.

While acknowledging the administration's achievements, Yellen recognised the ongoing challenges, particularly concerning the middle class.

High costs of child care, food, and housing were cited as areas needing attention.

Yellen pledged the administration's commitment to addressing these issues to further boost the middle class.

Despite acknowledging rising costs, Yellen emphasised that wages are increasing more rapidly than prices. She reassured Americans that, despite challenges, their financial situations are improving. Additionally, Yellen acknowledged a generational shift, noting that achieving the American dream is now perceived as more challenging compared to her own upbringing.

Also watch |&nbsp;US economy grows by 3.3% in last three months of 2023

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-economy-grows-by-33-in-last-three-months-of-2023-683736/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Drawing attention to the changing sentiment about the American dream, Yellen reflected on a recent poll showing a decline from 50 per cent&nbsp;to 27 per cent&nbsp;in the belief that the American dream still holds. She highlighted disparities in economic progress across the country, emphasising the need for change to revive the belief that the American dream is alive and well.

(With inputs from agencies)

US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook.

US Treasury Secretary Janet Yellen has expressed optimism about the economic prospects for 2024, citing increased consumer confidence and a positive financial outlook. "I think 2024 is going to be a very good economic year. That said, there are always risks," Yellen told ABC News Correspondent Elizabeth Schulze in an interview in Chicago. Yellen highlighted the confidence among consumers and households in their financial situations, emphasising their willingness to spend. According to her, this spending behaviour not only creates jobs but also fosters economic growth, providing people with the income needed to sustain this positive momentum. Yellen's comments followed a robust GDP report, defying earlier predictions of a recession. The Biden administration aims to leverage this unexpected economic strength to counter prevailing pessimistic sentiments among voters in the lead-up to the 2024 election. Also read | In a first, Alabama death row inmate Kenneth Smith executed with nitrogen gas Changing economic sentiment Recent surveys, including the University of Michigan's consumer sentiment index, indicated a significant improvement in people's outlook on the economy. Yellen sees this shift as a promising sign, potentially influencing voters' perceptions of the economic landscape. Actively engaging in the political discourse, Yellen and President Joe Biden visited the Midwest to underscore the administration's successes in areas such as infrastructure, manufacturing, and clean energy. Yellen's speech in Chicago highlighted policy achievements, while Biden visited a key swing state, Wisconsin, to showcase a bridge construction project funded by his legislation. Also read | Donald Trump briefly testifies at Jean Carroll defamation trial in New York In an unusual move for Yellen, she directly slammed former president Donald Trump, contrasting his policies with those of the current administration. Yellen emphasised the success of Biden's investments in steering the country away from post-pandemic economic hardships and criticised Trump's tax cut legislation, which, according to her, primarily benefited wealthy corporations rather than the middle class. While acknowledging the administration's achievements, Yellen recognised the ongoing challenges, particularly concerning the middle class. High costs of child care, food, and housing were cited as areas needing attention. Yellen pledged the administration's commitment to addressing these issues to further boost the middle class. Despite acknowledging rising costs, Yellen emphasised that wages are increasing more rapidly than prices. She reassured Americans that, despite challenges, their financial situations are improving. Additionally, Yellen acknowledged a generational shift, noting that achieving the American dream is now perceived as more challenging compared to her own upbringing. Also watch | US economy grows by 3.3% in last three months of 2023 Drawing attention to the changing sentiment about the American dream, Yellen reflected on a recent poll showing a decline from 50 per cent to 27 per cent in the belief that the American dream still holds. She highlighted disparities in economic progress across the country, emphasising the need for change to revive the belief that the American dream is alive and well. (With inputs from agencies)

US Treasury Secretary Janet Yellen forecasts a 'very good' year for economy in 2024

The US economy has defied the odds of a recession to post strong growth figures in the last three months of 2023. The US economy expanded faster than expected in the October-December quarter last year. Strong consumer spending, rising exports, government spending & business investments helped the US To grow at 3.3%.

US economy grows by 3.3% in last three months of 2023

Indian economy is booming. Foreign investors are keen on India. India is set to drive the global growth. India's stock market is now the fourth-largest. Is it the right time to invest in Indian stocks? Watch this video to know more.

India is now the world’s fourth-largest stock market after overtaking Hong Kong

China's deflation worries deepen. China's economic struggles post-pandemic are causing a global stir, as it faces a unique challenge of intensified deflation risks. Data adds worries over China's growth outlook for 2024. Watch to get more insights!

Chinese factory activity shrinks for third straight month

A look at WION's monthly global economic health check & how Global markets performed in December. Oil fell 7% with Brent crude hovering around $77 per barrel even as Red Sea tensions escalate. Watch the video to know more!

How global markets performed in December?

The covid pandemic, geopolitical tensions and disruptive technologies have changed the global economy. These changes seem to be irreversable, heralding the new economic normal. In the 'new normal', geopolitical fragmentation, elevated debt levels, & disruptive technologies like a-I will dictate the economy.

Davos 2024: Leaders bat for global structural reforms at Davos summit

West Asia Post | The Saudi regime has introduced a long-term goal of moving away from its oil-reliant economy, introducing residency plans to achieve its vision.

Explained: What is Saudi Arabia doing to diversify its economy?

In West Bank, the echoes of the Israel-Hamas conflict reverberate through once-bustling markets and silent streets. Businesses, once thriving, now face an unprecedented economic downturn.

West Bank economy plunges amid Gaza war fallout

China's ageing population threatens key Beijing policy goals for the coming decade of boosting domestic consumption and reining in ballooning debt, posing a severe challenge to the economy's long-term growth prospects.

China's ageing population threatens economic growth

The Chinese economy grew 5.2% in October-December. While this figure missed analysts' expectations, it has helped Beijing meet its 2023 growth target. For the full-year, the economy grew 5.2%. China's post-covid recovery remains sluggish.

Economy grows 5.2% in the October-December quarter

The world economic forum in Davos, Switzerland, is set to address the theme of "rebuilding trust" with an emphasis on the global connection for a thriving future. However, the spotlight is once again on the hypocrisy of political and business leaders arriving at the resort in private jets.

Decoding the hypocrisy of global elite at Davos

India's rise on the global stage dominated headlines in 2023, and the effects of that are on witness in 2024 and beyond. India's affluent class is growing and is set to surpass the 100 million mark in a few years. So, what are the factors that are leading to this wealth boom in India and what does this mean for the global economy?

India's affluent class to reach 100 million by 2027

Is the worst over for the Indian Tech sector? Indian Tech majors report numbers in-line. HCL technologies reports revenue growth. Wipro's profit declines 12% year-on-year. Watch to get more insights!

Indian Tech sector outlook for 2024

December saw the weakest rate of loan growth in China's history as the country's borrowing demand is still negatively impacted by poor business confidence. The central bank said that loans denominated in Chinese yuan increased by 10.4% during the month, the smallest growth in the data going back to 2003.

Weak business confidence continues to weigh on China

Every year, the World Economic Forum releases a sobering assessment of the biggest threats facing the planet. This year's report is no different, with a stark warning about the dangers of disinformation, climate change, and geopolitical instability.

Global risks report unveils urgent threats

Investors worldwide are reevaluating their strategies amid china's economic struggles, regulatory uncertainties, and a property crisis. China's share of the msci emerging markets index has hit a historic low. The value plummeted to 23.77% as of december 31, according to bloomberg calculations. This marks a significant decline from its peak weight of 2020, now trailing by approximately 16 percentage points.

China's diminishing weight in emerging markets index

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