Sustainable growth through economic diversification is a typical goal of any economy in today’s world. It is a widely targeted and tackled problem in developing countries as well. According to the Revenue Watch institute, many resource-rich countries depend heavily on cash flows generated by mining or oil production, which in turn jeopardizes sustainable growth. This is borne out by the lack of clear policy guidelines on diversification as well as policymakers’ limited interest in the importance of diversification.