Dynamic growth pace is the dream of every country including Pakistan. Economic growth is a process for structural change; that is current technological innovation in industries, which in turn increases labor productivity and reduces transactional costs through continuous improvements in infrastructure and mechanisms. Developing countries can take advantage of the backwardness in technological innovations, industrial upgrades, and institutional innovation and can potentially grow faster in comparison to advanced countries. Most of the developing countries are trapped in low and middle-income status since WWII, and this phenomenon is puzzling. Developing countries, despite having the required potential, are not able to realize it.