Dear Sreenath,
Following your request, I read your essay, and since you summarized your view in the Conclusion, I will address it.
You state: "Although Information & Reality (Bit & It) have physical origin, without mind they are in themselves empty and blind. Bit comes from It, but mind can know of It only through Bit. Thus the relationship between them is triangular and so all three are equally essential for knowledge to coexist."
In my opinion, and it appears that this was the idea of this contest, the task of science is to reduce this 'triangle' to one 'point' only. My choice of this 'point' is the 'mental'. Actually, for many non-scientists, this choice would also be preferable. Please note that in my essay I address exactly this issue.
My best wishes to you!