Will wholesale inflation fall in FY23 as the Centre expects it to?

Govt's conservative nominal GDP growth estimate suggests it expects a low-inflation, high-growth FY23. But there are potential downsides to growth & upsides to inflation, especially wholesale

The Union Budget of 2022-23 projected a very conservative estimate of nominal growth in India’s gross domestic product. It said that India’s nominal GDP will grow 11.1 per cent next year. An estimate of real GDP growth would then tell us what would the implicit price deflator in FY23 be. The deflator--the difference between the real and nominal GDP growth--is one measure of the general inflation in the economy. 

The Budget does not offer an estimate of real GDP growth. But the Economic Survey, which is prepared by the economists in the Ministry of Finance, does. The Eco Survey pegs