One of the quickest ways to achieve economic stability in the country is to enhance the tech startups in the country. Pakistan has a lot of potential in terms of human capacity and innovative ideas, but unfortunately due to a lack of resources and capital, the country experiences a brain drain. The great minds of the country are then attracted by foreign companies and investors, hence the country is then left behind with fewer innovative minds.
The initiative of tech startups is one of the best and yet fastest ways to enhance the country’s economy and progressively contribute to its GDP and GNP. Moreover, India has already built almost 100 unicorns in a decade which is contributing significantly to its economy with over $300 billion. This makes it around 50% of Pakistan’s GDP.
The quickest way to fix most of Pakistan's economic problems is to focus aggressively on building tech unicorns.
It took India a little over a decade to build 100 unicorns and their combined worth is over $300billion, roughly 50% of Pakistan's estimated GDP. pic.twitter.com/4pOZ1tdwMP
However, Pakistan still lacks progress in the domains of technology and e-commerce as less attention is paid to this and conventional business tactics are employed for economic progression only.
Moreover, the issues like absence of rule of law, lack of tax regulation, inefficient corporate governance, and capital flows are the driving factors for the lack of globalization and modernization in technology and e-commerce...
Read Full Story: https://www.globalvillagespace.com/how-tech-startups-can-help-boost-pakistans-economy/
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