"....Is'nt it better instead to do something on your own in your spare-time as well as Down-time in your existing job and then get financially rewarded for it?? "
@Ashu001 You are absolutely right. In a World where companies think and act like they are doing your a favor by employment, the question of asking for more ( when it is deserved) is really insulting when you think about it. One should not have to ask for a raise - managers should see your efforts (and reward them).
That is hard to do when most managers are worrying about their own career, which is often built like a House of Cards.
This very real issue is why I am so glad you mentioned that you have to do something on your own - keep that job that you should be so thankful for but then create your own worth !
Great advice to those out there who are caught in this endless cycle - which unfortunately is most of us.
But I for one am doing what you insightfully mention and urge others to wake up and do the same.