No 'jugaad': Businesses must raise R&D spend, says Economic Survey

India's gross expenditure on R&D is 0.65% of GDP, significantly lower than top 10 economies' spend of 1.5-3%

Ramping up investment in research and development (R&D) will be key for India to become the third largest economy, and increased investment from the private sector will be vital for this, the Economic Survey said.

“Mere reliance on ‘jugaad innovation’ risks missing the crucial opportunity to innovate our way into the future. This requires a major thrust on R&D by the business sector. India’s resident firms must increase their share in total patents to a level commensurate to our status as the fifth largest economy in current US dollars. India must also focus on strengthening institutions and business sophistication to improve