“…Regarding this, the theory of Marjit and Ray (2017) argues that exports are amplified with the rise in competition in the presence of advanced technology, thus cause economic development. Contrarily, the new growth theory identifies six major sources of growth, namely, (a) growth of capital goods, (b) productivity growth from lowtech-to high-tech sectors, (c) developments in the skilled labour force, (d) technological changes (Durlauf, Helliwell, & Raj, 1996), (e) Technology may increase export; resulting economic growth, and (f) export and technology might additionally generate the competitive advantages of an economy.…”