Imran Khan lauds India's $150 bn tech export boom, compares situation to Pakistan's

In a rare confession, Pakistan Prime Minister Imran Khan lauded India's tech exports boom mitting that his country h fallen behind in comparison. dressing inauguration ceremony of Lahore Techpolis on December 23, Imran Khan remarked that while Indian tech exports boomed to $150 billion within 15-20 years, Pakistan was lagging far behind and could only reach $2 billion.

“Unfortunately, Pakistan lagged behind in sector despite having ideal conditions, including a huge population of young people,” he said, ding that within 15 to 20 years, Indian tech exports boomed to $150 billion while Pakistan's could reach only $2 billion,” Express Tribune quoted Imran Khan as saying.

He also specified how Pakistan failed to pick pace in techlogy sector despite having ideal conditions including a huge young population. Discussing growth of tech companies during COVID-19 slump, he lamented over how Pakistan could t pick on benefits at a time when tech giants were profiting. He furr ded that when country started achieving ecomic growth, current account got disturbed owing to import of machinery.

"This ultimately devalued local currency and compelled government to approach IMF for loans", Express Tribune reported. “ country can only come out of this cycle by boosting its exports and allowing wealth creation,” he said.

Khan also cited Chinese model of development and shared how Communist country h achieved remarkable progress. "China steered 700 million people out of poverty by eliminating corruption and jailing over 450 ministerial-level people and enhancing exports,” he underlined.

Pakistan debt crisis 

Imran Khan's statements come at a time when Pakistan's ecomy has become crippled under its mounting debts and loans from international organizations and friendly nations. One of nations that Pakistan has also been regularly borrowing from is United Arab Emirates (UAE) which last month laid down stringent clauses for Imran Khan-led nation in exchange for its $4.2 billion loan pack. 

According to Federal Minister for Information and Brocasting Faw Chaudhry, Saudi Arabia has agreed to give a $3 billion cash deposit to Pakistan for a year with a caveat that country would be bound to return it anytime on a three-day tice. last time it borrowed from Arba nation, it was forced to repay loan by taking a loan of same amount from China. 

In turn, Pakistan has h to pay over Rs 26 billion in interest cost to China to repay a maturing debt in fiscal year 2020-21. Reportedly, cash-strapped nation is also facing scores of "hidden debts" totaling $385 billion due to China's Belt and Ro Initiative (BRI) project.