safiamoiz,
I think the term you are referring to is "Tip Clearance". JJPellin is right that it is not much of a consideration in a true vertical turbine pump. But you say yours is a mixed-flow??
In mixed-flow and axial pumps the discharge periphery of the impeller blade will run against a replaceable liner that is bolted into the bowl and is essentially a replaceable "wear plate". This is the clearance I think you are talking about and it is very much a proprietary value among manufacturers and varies quite a bit according to your service. Call the manufacturer with the serial# of the pump and ask for the tip clearance for that pump; they may hand it out or not.
I used to be very involved with large circ water pumps like this in power plants. Pretty much on the large machines the tip clearance was the call of an expert pump repair mechanic rather than any data from Engineering. If there was excessive bumping, liner and impeller tip damage, then we opened up a bit. If you could build no head or power was exceeding motor size, then we closed it up.
If impeller/propeller is in decent shape, this clearance can many times be adjusted by shimming the hub against a shaft shoulder. I've known expert mechanics that heat up the blades and essentially bend the angle up or down as required; those guys were good...
If there is quite a bit of impeller damage and needs repair, you can build-up weld the impeller/propeller tips to add diameter and then machine, or replace liner with a larger one (usually very expensive if a large pump).
May all be way beyond the scope of what you were looking for; your question reminded me of a fascinating time in my career. Watching true artistry and creativity from guys with gloves on.