The NSO has projected the real GDP growth at 7.6%, and nominal GDP growth at 9.1%, for FY24, and the deflator is around 1.5% y-o-y. In FY23, the GDP deflator was 7% y-o-y.

Using revised 2021 GDP, nominal growth in 2022 was 5.3 percent. The implicit deflator of 2.3 percent is much closer to full-year consumer inflation than higher, full-year producer inflation.