Shankar School of Banking October 8 , 2021 28


Centre releases GST dues to states and UT’s

  • The Ministry of Finance today released an amount of Rs 40,000 crore to the States and UTs with Legislature under the back-to-back loan facility to meet the shortfall in GST Compensation.
  • The total amount released in the current financial year as back to back loan in-lieu of GST compensation has reached to Rs1,15,000 crore.
  • This amount of Rs 1.59 lakh crore to be provided to States as back to back loan would be over and above the compensation in excess of Rs 1 lakh crore (based on cess collection) that is estimated to be released to States/UTs with Legislature during the current financial year.
  • All eligible States and UTs (with Legislature) have agreed to the arrangements of funding of the compensation shortfall under the back-to-back loan facility.
  • The release of assistance under the back-to-back loan facility during FY 2021-22 of Rs 1,15,000 crore, which is more than 72 percent of the total estimated shortfall for the entire year.
  • The balance amount will be released in due course.
  • So far Karnataka has recived the maximum shortfall of GST compensation among other states, which sums up to Rs 4,555 crore.

Heaviest propellent tank delivered to ISRO

  • The heaviest semi cryogenic propellent tank named SC120-LOX manufactured by Hindustan Aeronatics Limited(HAL) has been delivered to the Indian Space Research organisation ISRO.
  • This was developed to replace the existing L110 stage used in MK-III launch vehicle.
  • The semi cryogenic- Liquid Oxygen Tank(LOX) is a part of SC120 aimed to enhance the payload capablities.
  • HAL have totaaly delivered 224 propellant tank and 95 water tanks to ISRO for the space programms of PSLV, GSLV MK-II, GSLV MK-II of diameter 2.1, 2.8 and 4 meters, and its length varies from 2.5 meters to 8 meters.

Additional Fact: HAL has delivered the biggest cryogenic liquid hydrogen tank named C32-LH2 of 4 meter diameter and 8 meter length last year.

Sixth Edition of ‘Exercise AJEYA WARRIOR’ has commenced

  • India-UK Joint company level military training has been commenced at Chaubatia In Uttarkhand to be held from Oct 07 to Oct 20.
  • The exercise is part of an initiative to develop inter-operability and sharing expertise with friendly foreign nations.
  • Indian Army and an equivalent strength from UK Army would be sharing their experiences gained during the conduct of various military operations in their respective countries and during overseas engagements.
  • The joint military training would culminate with a grueling 48 hours exercise to validate the performance of both the Armies in conducting joint military operations in a semi-urban environment.
  • This joint military training will go a long way in improving bilateral relations and also will be a major step towards further strengthening the traditional bond of friendship between the two Nations.

46th U.S India Buisness Council meeting (USIBC) held       

  • Commerce, Industry and textile minister addressed the 46th meeting of U.S India Buisness Council meeting (USIBC) and the India Ideas summit.
  • The discussion was focussed to strengthen the strategic partnership between India and U.S.

The summit will include

  1. Powering the global economic recovery in the post-COVID world.
  2. Discussions with key Ministers on healthcare innovation in Indian states.
  3. Fireside chats with industry officials on startups and emerging technology to tackle COVID and the “new” normal.
  4. Breakout sessions with government officials, moderated by industry leaders on healthcare collaboration during the pandemic.
  5. Governments’ collaboration and the business community’s support to mobilize new programs and resources in both countries.

SSB and Armed police force of Nepal to conduct joint patrols

  • Sashastra Seema Bal(SSB) of India and Armed Police Force Of Nepal have concluded to conduct joint patrols to control trans border crimes.
  • This was decided after the 5th annual coordination meeting between India and Nepal.
  • The  Director general of SSB led by Kumar Rajesh Chandra and Inspector general of Armed Police force Shailendra Kanal participated in the meeting.

India retains its GDP growth forecast: World Bank

  • The World Bank has retained June forecast for India’s Gdp to grow by 8.3% in the fiscal year2021-2022.
  • The economy saw an increase in public investment to support domestic demand and schemes like production linked incentives to boost manufacturing.
  • Over the next two years, as the base effect fades and growth is expected to stabilise at around 7%.


Nobel for the Novelist

  • Tanzanian novelist Abdulrazak Gurnah won Noble Prize in Literature.
  • He is the third african writer to win the award after Doris Lessing and Wole Soyinka.
  • His has written 10 novels which focussed on east african colonialism.
  • His Novel ‘Paradise’ was shortlisted for the Booker prize for Fiction.


Anshu Malik bags silver

  • Anshu Malik of India won silver medal in Woman world championship.
  • She created history by becoming the first Indian Women to reach a World championship final.
  • Sarita Mor of India bags bronze.


8TH October- Indian Air Force day


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