Bihar, which was synonymous with poverty, has emerged as the fastest growing state for the second year running, clocking a scorching 13.1% growth in 2011-12. Not just that, on the back of four years of double-digit growth, its economy is now bigger than that of Punjab—until recently the preferred destination of Bihari migrant workers. Among the top five states, Bihar is followed by Delhi and Puducherry. Mineral-rich Chhattisgarh, which many had...

-The Telegraph The Centre has renewed efforts to forge a consensus on allowing foreign direct investment in multi-brand retail by writing to all chief ministers, seeking to drive home the urgency against the backdrop of grim economic data. “Letters have been written to all chief ministers to build consensus to open up the multi-brand retail sector to FDI,” a commerce ministry official said. The statement came a day after the country posted its...

-IANS Facing a slow-down in the economy, the government has launched an austerity drive to reduce expenditure, banned new posts and meetings in five-star hotels besides restricting foreign travel. The finance ministry, which issued the office memorandum on "Expenditure Management - Economy Measures and Rationalisation of Expenditure" Thursday also asked all ministries to reduce non-Plan expenditure by 10 percent in 2012-13. "There will be a total ban on holding of meetings and conferences...

-IANS Prime Minister Manmohan Singh Friday approved setting up a monitoring system to fast track implementation of major projects with outlay of over Rs.1,000 crore, a day after the official data showed contraction in manufacturing activities. "In order to address the issue of major investment projects being delayed for a variety of reasons, the Prime Minister has approved setting up of an Investment Tracking System to ensure speedy implementation of such projects,"...

-The Economic Times The finance ministry on Thursday announced a 10% cut in non-plan expenditure in the current fiscal as part of austerity measures aimed at containing its ballooning fiscal deficit. The Centre is aiming to bring down its fiscal deficit to 5.1% of GDP in 2012-13, from 5.76% in the previous fiscal. It also hopes to cut its subsidy bill to below 2% of GDP this year. The ministry has argued that...