The Russian state statics service estimates that the revenue of the shadow economy with prostitution, drugs, illegal arms making up to 25% of Russia’s GDP. Apart from Russia other countries too have this shadow economy or black money making most of the country’s GDP. The Russian prime minister floated a new approach to catch up with the west in technology that has been a bone of contention since the cold war. It is an initiative to open up new markets globally with special attention to the third world countries as there a large amount of latest technologies and softwares in demand.
A line of policies has been blueprinted for this great move towards developing its own technologies and trying to make its own country free of western dominated technology. These policies are landmarks to free Russia from the boom-and-bust cycles of commodity prices by making better use of the talents of its citizens. The ministers and state companies have been ordered to use more of their procurement budgets to buy products that qualify as “innovative “ and truly a product of Russia.
The state has procured orders of a total about $133 billion in which 15% will now go to the Russian technology companies. The company has also announced that fullest support will be given who ever want to work in this sphere or in future. Russia’s bounty of scientific talent into popular or functional products has always been a dream. In a recent survey Russia is lagged much far behind China, Brazil and India. A research group with ties to President Medvedev issued a report saying Russia must liberalize politically to free the economy from state interference before it can encourage modernization.
These policies which Russia is planning to put in practise as soon possible will also return its lost glory after the disintegration of Russia in 1991. In Russia‘s absence the west has mainly monopolised many sectors especially Microsoft being the largest company mainly in the software sphere. Not only the lost glory will be revived but also the hidden talents of Russia will get an opening to showcase their talents to the world. Even the black money market is also expected to reduce in dimension as it will increase the employment rate and as a consequence the illegal practises will also reduce.