Asian Development Bank (ADB) has downgraded India’s economic growth forecast for the current financial year to 10% on Tuesday, from 11% projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic. India’s GDP growth recovered to 1.6% in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8% estimated in April to a revised 7.3%, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement. “Early indicators show economic activity resuming quickly after containment measures eased. The growth projection for FY2021 (ending March 2022), downgraded from 11% in ADO 2021 to 10%, reflects large base effects,” it said. Indian consumer price inflation rose to 6.3% year-on-year in May as both food and fuel inflation outpaced expectations. “This Supplement raises the inflation forecast for India in FY2021 (fiscal ending March 2022) by 0.3 percentage points to 5.5%,” the ADB said.

Swiggy raises $1.25 bn from SoftBank, Prosus

Food ordering and delivery platform Swiggy has announced closure of $1.25 billion (approximately Rs 9,345 crore) funding led by SoftBank Vision Fund 2 and Prosus. As per sources, the closure of this round pegs the valuation of the company at $5.5 billion (around Rs 41,125 crore).

It marks the first investment in the Indian food delivery category by SoftBank Vision Fund 2, with participation from the company’s long-term investor, Prosus, and other existing investors Accel Partners and Wellington Management, Swiggy said. Besides, new investors Qatar Investment Authority, Falcon Edge Capital, Amansa Capital, Goldman Sachs, Think Investments and Carmignac participated in the round, it stated.