Significant aptness of the development of a modern economy is basically a cycled character. By correcting each and every structural crisis occurring in the world economy various original opportunities are created. Capitals of various countries which have remained leaders in the previous cycle are being devaluated. Countries which have managed to form innovational potential have proved to be the center of attraction whereas labor forces that are using the old technologies are currently being ruined. At the same time countries which have implemented a scientific-technical as well as industrial investment policy in the probable fields would be given the higher advantage. By realizing this policy during the structural crisis phase will give the authors an opportunity to attain economic growth based on the higher advantage.
Radical and scientific innovations are basically considered as the reasons for overcoming this structural crisis, as they are implemented by obtaining new achievements & also by increasing effectiveness of the conventional development.
If there is a need to move towards the consistent phase of economic development there it is very important to raise the innovational investment act. Also it is required to get the new technologies involved along with the basic technologies in line for a dense economic development. This economic policy which is involved in encouraging an investment in to innovations will provide modernization of the economy while giving a rise to the competitiveness.
At present, the government is trying to develop various institutions which would support the investments that need to be done in the new technologies, will aid in stimulating innovative activities, and will encourage improving technological changes.
Need for financing science and their current condition:
The process of active investment, specifically in the scientific as well as technological fields, scientific-technical activities is laid in the basis for the economic development. Today the scientific-technical possibility is caused because of the reason that there isn’t any unity among the scientific researches as well as their usage. The scientific staff is completely dismantled and the count of intellectuals has also gone down in the country. As a result of which the country is now dependant on a foreign trader.
Hence to create suitable conditions for the economic growth the capital has to be renewed, but again this is complicated as there is a decline in the state financing and also non-existence of the ordering production. Also there are no resources for developing science & education.