Top headlines: PM defends farm laws; SBI says will double home loans

Business Standard brings you top news of the evening

Farm reforms needed, 'status quo' doesn't achieve things: PM Modi

The government respects "farmers' sentiments" but reforms in agriculture are necessary for the country’s progress, said Prime Minister Narendra Modi on Wednesday, defending laws in enacted in September that have sparked protests by cultivators. "Status quo cannot change things—the youth of the country cannot wait," he said in the Lok Sabha while replying to the motion of thanks on the President’s address to Parliament. Read more

SBI aims to double home loan portfolio in next 5 years to Rs 10 trillion

While it took State Bank of India (SBI) ten years to scale up its home-loan portfolio to Rs 5 trillion, it is aiming to double this in the next five years at a time when there is intense competition in this segment with banks as well as mortgage lenders fighting it out to gain market share. The bank is expecting to reach Rs 7 trillion by FY2024, it said. Currently, SBI has a market share of 34 per cent in home loan segment among all scheduled commercial banks and is providing the most competitive rates for home loans in the market right now. Read more

India's medium-term growth outlook critical in ratings, says Fitch

Global rating agency Fitch said today that India’s medium-term growth outlook will assume a more critical role in sovereign assessment due to higher deficits and a slower consolidation path. "The Union Budget (for 2021-22) points to a loosening of fiscal policy to support ongoing economic recovery from the pandemic. It will consequently lead to a rise in public debt. The debt as per cent of Gross Domestic Product (GDP) trajectory is core to our sovereign rating assessment, Fitch Ratings said in a statement. Read more

Twitter weighs legal options, engages with govt over non-compliance notice

Twitter said Wednesday it was exploring options under Indian law and continues to engage with the government in response to the non-compliance notice served on it by the Ministry of Electronics and Information Technology. In a blog post, the microblogging service, which has come under fire from Indian authorities for not complying with content blocking orders related to ongoing farmer protests, explained the actions it has taken in response to the government’s legal requests. It said that MeitY served Twitter with several blocking orders under Section 69A of the Information Technology Act over the past ten days. Read more

JSW Group to scale up JSW One as tech-based biz platform, enter e-commerce

JSW Group is planning to scale up its JSW One initiative as a tech-based solutions platform for its customers, as part of a larger plan to enter the e-commerce space. As an e-commerce player, JSW Group will service the needs of both B2B and B2C customers. According to sources, JSW could invest Rs 500-700 crore to build the e-commerce platform. The group’s official spokesperson declined to comment on the quantum. Read more