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 admitting that his country had fallen behind in comparison. Addressing the inauguration ceremony of the Lahore Technopolis 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 the sector despite having ideal conditions, including a huge population of young people,” he said, adding that within 15 to 20 years, Indian tech exports boomed to $150 billion while Pakistan's could reach only $2 billion,” The Express Tribune quoted Imran Khan as saying.

He also specified how Pakistan failed to pick pace in the technology sector despite having ideal conditions including a huge young population. Discussing the growth of tech companies during the COVID-19 slump, he lamented over how Pakistan could not pick on the benefits at a time when tech giants were profiting. He further added that when the country started achieving economic growth, the current account got disturbed owing to the import of machinery.

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

Khan also cited the Chinese model of development and shared how the Communist country had 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 economy has become crippled under its mounting debts and loans from international organizations and friendly nations. One of the nations that Pakistan has also been regularly borrowing from is the United Arab Emirates (UAE) which last month laid down stringent clauses for the Imran Khan-led nation in exchange for its $4.2 billion loan package. 

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

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