The finance ministry may set a "realistic" target of around 10-11 per cent nominal GDP growth for FY24 in the upcoming Budget, as it expects a high base and softening commodity prices to moderate inflation in the next fiscal year.
"We expect to inflation soften substantially next year. Nominal GDP growth next year may be assumed to be around 1011 per cent, which will make it realistic, rather than conservative like in last Budget," a government official said.
Nominal GDP (GDP that is calculated at current market prices) factors in the effect of inflation, and is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and the debt-to-GDP ratio.
GDP A higher nominal assumption makes it easier for the finance minister to show a narrower fiscal deficit print and vice
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