Economists agree that a country with a knowledge-based economy will take global leadership in the future. However, will India participate in the global competition and be a serious contender?
By Kathan Shukla
Jun. 17 – The Indian economy, amid a global slowdown, is likely to grow by about 6% in 2013-14. However, if India wants to become a developed nation, it has to pursue scientific research.
Take the iPod for example, a product developed by Apple, an American company, but manufactured in China. The manufacturer in China receives about $4 out of the sales price of $299. The other $295 goes to component suppliers and product developers in the United States.
The country that holds patent-rights and develops global brands benefits most. If India wants to become a developed nation and compete with China and the United States, it must develop global brands. The first step in this direction is scientific research. Continue Reading