Russian President Dmitry Medvedev has called for profound economic reform. In his annual address to the nation, Medvedev said, the Soviet model is no longer working and modernisation based on institutions of democracy is needed. He said the nation has to shift for its oil and gas based economy and raise Russia to a new higher level of civilisation. Instead of primitive economy based on raw materials, the people should create a small economy, producing unique knowledge, new goods and technologies useful for people. He said, the time has come for Russia to attain the status of a world power on an absolutely new basis.<br/>