States cut FY20 capital expenditure by 0.6% of GDP, says RBI study

States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the Reserve Bank of India said in its annual study of state finances released on Tuesday.

The report “State Finances: A Study of Budgets of 2020-21” found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6 per cent of the country’s gross domestic product (GDP), in the previous fiscal year 2019-20. This is the sharpest cut in at least two decades, the report shows, and it happened before the pandemic hit the economy.

The cut in capex in FY20 was so big that the rate of capital spending to GDP dropped from the 2018-19 levels for all states, the report said. The prevailing economic situation may force states to do the same this year, the report noted.

“States have a tendency to cut their capital expenditure by almost 0.5 per cent of GDP, on average, to meet fiscal deficit targets. A similar tendency relative to Budget estimates can be expected in 2020-21, particularly since states have not been able to start much capex because of lockdown

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Rajesh Nambiar appointed as chairman, managing director of Cognizant India

has announced Rajesh Nambiar has been appointed as the chairman and managing director of its India arm and a member of executive committee with effective November 9.

He joins from Ciena, a networking and software company, where he currently serves as Chairman and President of Ciena, India. Nambiar has extensive general management, commercial, and delivery experience includes more than 12 years with IBM and 18 years with Tata Consultancy Services previously. At IBM, Rajesh was the General Manager and Global Leader for IBM’s Application Services Business. He also served on the board of IBM India and as a member of National Association of Software and Service (NASSCOM) Executive Council while at IBM.

“We are pleased to welcome Rajesh to and our Executive Committee,” said Brian Humphries, CEO, Cognizant, said in a company statement. “In the repositioned and elevated role of the India Chairman and Managing Director, Rajesh will strengthen our brand positioning in India and enhance our relationships with relevant Indian government agencies, chambers of commerce, universities, the media, and key policy-making bodies, including NASSCOM. Rajesh will also serve as the Executive Committee representative of our nearly

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Facebook Derails Deception Campaign Ahead Of US Election

Facebook on Tuesday said it derailed a fledgling deception campaign aimed at the US that was trying to gain momentum ahead of the presidential election next week.

The effort orchestrated from Mexico posted in English and Spanish on topics including racial injustice; feminism and the environment, using a small bit of content posted in the past by the Russian Internet Research Agency.

Facebook did not link the campaign to Russia, saying it had so far only traced control to unspecified people in Mexico.

The network began creating accounts in April, hiding identities and intent of those involved, according to Facebook head of security integrity Nathaniel Gleicher.

It had only grown to two Facebook Pages and 22 Instagram accounts, according to Facebook.

Those managing accounts or pages used in the “coordinate inauthentic behavior” campaign claimed to work for what appears to be a fictitious Polish firm.

“Some of these accounts posed as Americans supporting various social and political causes and tried to contact other people to amplify this operation’s content,” Gleicher said.

It was one of three small deception campaigns taken down today at Facebook and Instagram, according to the social network and the latest in a series of efforts by

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