<h1>India Targets Top 3 Economy Status by Boosting R&D, Urges Private Sector to Lead Innovation Surge &D.</h1> India aims to become the third-largest economy by enhancing innovation, particularly through increased private sector involvement. The Economic Survey 2020-21 highlights the need to boost India's R&D expenditure from 0.7% of GDP to over 2%, aligning with other top economies. Currently, the government dominates R&D contributions, while the business sector lags despite generous tax incentives. The survey calls for the business sector to increase its R&D investments and personnel significantly. To become an innovation leader, India must also improve patent application rates and focus on institutional and business sophistication, enhancing areas like insolvency resolution and regulatory quality.