India, Sept. 20 -- Finance ministry has estimated that India's nominal GDP will grow by 19 per cent in nominal terms in financial year 2021-22, reported Mint. Nominal GDP is an assessment which includes the current prices of goods and services in its calculation.

"There are varied estimates. The chief economic advisor said in his presentation that it could go as high as 19%, while some had even said it could be 21% as an extreme case and others said it could be more modest," NK Singh, chairman of the 15th Finance Commission, told Mint.

In the first quarter of this financial year, the nominal GDP contracted by 22.6 per cent to Rs 38.08 lakh crore, compared to Rs 49.18 lakh crore in the same period last year.

Despite the contraction, cau...