Many Startups related to the IT sector are closing in Pakistan. The economic crisis of Pakistan under the new government lead these companies to take these actions. New Government is not doing well in this important sector.
Pakistan is facing an economic crisis for the past 6 months approximately. The country has been passing through one of the hardest times. It indirectly affects the startups in Pakistan. One of the major IT business startups is planning to close in Pakistan.
Some IT-related business are SWVL, Careem, VAVA cars, and Airlift. Due to the country’s economic insecurity, a ride-sharing business, SWVL, declared that it would be unable to operate in some sectors. Even though one of the giant sectors of IT entered Pakistan, VAVA cars are also planning to close due to Economic instability. They announced they are closing permanently due to this instability.
Airlift is a giant local startup. It has one of the biggest fundraisers in the country. They are also planning to close their operations in Pakistan due to the circumstances every startup faces, i.e., the country’s economic crisis. Careem is also closing its operation regarding food deliveries from one place to another. If economic instability will not be handled every startup will plan to close.
New Government and their actions
The new government of Pakistan is not working well in the IT sector business startups of Pakistan. They are not looking forward to their betterment. This is one of the main reasons for the economic crisis in the IT sector as well as in the country.
The IT industry is the most important and is commonly referred to as the “FUTURE,” but the new administration is unable to reform it, which is contributing to the country’s demise. Economic and political difficulties are dragging the country backward, which might be disastrous in the coming months.
People of Pakistan are going through all of this very patiently. The inflation is at its highest point in Pakistan since it came into being. Government closed imports and refer people to use local products. They are using this strategy to tackle with Economic crisis.