Economy is the nerve of every nation, it can also be called as the aggregate way the citizen's of that country live. Economists classified economies to different types; there are many classifications. But here I want to mention about a new classification in economy. I here classify economies to two types: 1. scientifically driven economy and 2. Service economy.
What I meant my scientifically driven economy is that; it’s an economy whose biggest driving factors are the new inventions in the scientific world; the inventions may come from different branches; it may be in the form of new medicines, new gadgets, new fuels, new aircrafts, new robots etc... The concept here is the 'new' idea. It’s about something the world never seen before and also about something; after which invention the world can’t live without it.
Take the example of Internet... it’s a new Idea, which revolutionised the world after the invention of it; now we can’t live without it. It’s so deep rooted in our life. This economy running on investment by the people or Government that is citizen running their company.
The second economy is service economy; what I meant my service economy is that here the major source of income for the citizen is by doing services to those who needed it. It may be in the form of executing some parts of the above mentioned economy. This economy also refers to an economy where people working for different companies instead of running it.
It’s well known fact that, we get more income in running a company than working for a company, but at the same time running company is more risky than working for it. But as the fundamental rule of business says if you want more profits then you have to take the risk. Running a company needs investment; here you have to invest you money in the unknown future, we can’t say what will happen to the investment; the only thing you have in your hand is your confidence and your belief in you.
But the end product of it [if you succeed] will be huge, you are running your own company, you can change the face of the world with new investments, you can uplift your fellow humans who are now living in poverty and helpless to a dignified position and the world will remember you as a person who created something.
This is an important way to achieve stability. If you are satisfied with a salary economy, you will get salary for what you do; government will get taxes as well. Suppose you are working for a multinational company, they will give you salary (perhaps a hefty one) but the key - profits - belongs to promoters. After all they are the one, running the company, they accepted the risks while investing, and they faced the uncertainty about future, so they are the people who deserved it. But, here the question is which one is large? Profit or salary?
Let us come back to the question of "Why India needs a scientifically driven economy?” The primary answer for it is the money India can make from it. In a scientifically driven economy you are investing on Inventions and you make profits from it by the industrial application of it. And as we are the people who invent the new thing the patent right will be ours; we distribute our intellectual product to others, here the profits should be large.
Just compare the money Indian companies [say company A] will get 1.by manufacturing and selling a medicine whose patent rights are on their hands 2. By manufacturing and selling a medicine whose patent is for company A itself. In the first case they have to give the royalty money to someone else, but in the second case they don’t have to give royalty to anyone but they will get royalty money from many others.
In Agricultural field the production increasing in the order of Arithmetic progression but the population increases in the order of Geometric Progression. So to give food we have to increase the productivity, that is to invent new seeds which will give more output. So what will be our option? Will we invest money to invent more productive seeds or will we wait for other companies to do it?
In the case of Energy, Fusion Energy is said to be the future of energy, along with non conservative energy resources, Genetic Engineering of bugs also give much hope in this sector. But what is our choice to develop technology on our own or import the ready maid technology? In this sector Government invest millions of rupees and it’s a good step, but if private companies too, take part in research and funding then the project should be easier. So we have to be the inventor of new things, thus we will get much more from this game.
Look at largest economies in the world they are built on the firm foundation of research and inventions. From cycle to aircraft, everything is build upon the firm foundation of research. Our Mother India have a lot of contributions on the world of Inventions in the ancient world, we have to continue that so build our economy on the firm basis of research and inventions, with expanding the solid foundation in the service sector.
It not only helps us to make more profits, getting more taxes to Government but it will also help us to live in a better way, to live with a new future
Sajeev
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