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Awards and Honours
Booker Prize 2021: Today Current Affairs in English
Damon Galgut, a South African author, won the Booker Prize for Fiction in 2021 for his work “The Promise.” After making the shortlist in 2003 and 2010, Galgut, who is 57 years old, has won the honor for the third time. He is the first South African winner since 1999, and he follows in the footsteps of Nadine Gordimer and JM Coetzee, two previous South African winners. The Promise is set in Pretoria, the author’s hometown, and takes place during the post-apartheid transition in South Africa. It tells the story of the dwindling Swart family, who are white farmers, via four funerals.
Banking & Finance
GST Compensation to States: Today Current Affairs
The Centre has paid out 17,000 crore rupees in Goods and Services Tax (GST) compensation to states and union territories. According to the Finance Ministry, states and union territories have received a total of 60,000 crore rupees in compensation so far this fiscal year 2021. According to the GST Council’s resolution, a back-to-back loan of one lakh 59,000 crore rupees has already been issued in lieu of the GST Compensation deficit in the current fiscal year. The gap in GST compensation payable to states in the current fiscal year is anticipated to be Rs 2.59 lakh crore, of which around Rs 1.59 lakh crore will have to be borrowed in 2021. The Centre plans to collect over Rs 1 lakh crore in cess on luxury, demerit, and sin items, which would be distributed to states to make up for the income deficit caused by the implementation of the GST.
AIIB’s Loan to Bangladesh: 04 November 2021 Current Affairs
On 03rd November, the Bangladeshi government inked a loan arrangement with the Asian Infrastructure Investment Bank (AIIB) for USD 250 million. The loan will be used to assist Bangladesh in implementing a long-term economic recovery plan following the effects of COVID 19. On behalf of the AIIB, Fatima Yasmin, Secretary of, Economic Relations Division of, Bangladesh government, and DJ Pandian, Vice President, Investment Operations Region 1, signed the loan agreement. The program’s goal is to provide financing options for small, medium, and cottage businesses that are having trouble securing capital. In addition, the program intends to reform and enhance the public finance management system, as well as increase financial resources.
Review Meetings: Daily GK Current Affairs
The Finance Ministry held review sessions with the Ministries of Housing and Urban Affairs and Railways to encourage infrastructure investment and capital spending. They discussed the status of capital spending, infrastructure project implementation, and asset monetization plans during a meeting held in New Delhi on November 3rd. Durga Shanker Mishra, Secretary in the Ministry of Housing and Urban Affairs, expressed optimism that the National Infrastructure Pipeline (NIP) Capital expenditures target of over three lakh billion rupees will be met in 2022. Suneet Sharma, Chairman of the Railway Board, stated that freight loading has grown by more than 21% over the previous year and that the company has met 92 percent of the NIP Capital spending objectives established for this fiscal year.