Economic Trends and Targets • Rise in the rate of private investment from under 10 percent of the GDP in 2020-21 to 12.5 percent of the GDP in 2024-25. • Rise in the rate of public investment from under 4 percent of the GDP in 2020-21 to 5 percent of the GDP in 2024-25. Employment • Annual increase in number employed by 1.7 million in 2021-22 to 2.2 million in 2024-25, with special focus on absorption of`idle’ youth and improvement in`de­cent work’ conditions. Rate of Inflation • Bringing down the rate of inflation from 9 percent in 2020-21 to 6 percent by 2024­25. The resulting macroeconomic projections are given in Table 1.6. Table 1.6: Projection of Key Macroeconomic Variables, 2020-21 to 2024-25 2020-21 2021-22 2022-23 2023-24 GDP Growth Rate(%) 3.9 4.5 5.0 5.5 Agriculture 2.8 3.0 3.3 3.6 Industry 3.8 5.0 6.0 7.0 Services 4.4 4.8 5.2 5.6 Level of Investment(% of GDP) 13.6 14.6 15.6 16.5 Public Investment( % of GDP ) 3.8 4.1 4.4 4.7 Private Investment( % of GDP ) 9.8 10.5 11.2 11.8 Unemployment Rate(%) 13.0 10.4 8.7 7.3 Rate of Inflation(%) Overall CPI( % ) 8.9 12.0 8.0 7.0 Food Inflation( % ) 12.8 15.0 10.0 8.0 Source: Estimated 2024-25 6.0 4.0 8.0 6.0 17.5 5.0 12.5 6.0 6.0 6.0 Public Finances • Raising the tax-to-GDP ratio from 11.7 percent of the GDP in 2020-21& to 15 percent of the GDP in 2024-25. • Maintaining the current expenditure to GDP ratio at 19.3 percent of the GDP from 2020-21 to 19.4 percent up to 2024-25. • Raising the level of development expenditure from 2.8 percent of the GDP in 2020­21to 4 percent of the GDP by 2024-25. 11