Calls for Ban on luxury imports in upcoming federal budget 2023-24.

ISLAMABAD -- District President of the Pakistan Business Forum, Momin Ali Malik Monday demanded a complete ban on luxury imports in upcoming federal budget 2023-24.

Malik said that such a ban would help decrease Pakistan's import bill and preserve foreign exchange reserves, which could help improve the country's balance of payments, said a press release.

Talking to a delegation of industrialists led by Mian Zeeshan Elahi CEO Marvel Cables, he said discouraging imports of luxury items was need of the hour to save billions dollars for economy of the country and ban on luxury imports could create opportunities for domestic industries to develop and produce similar products within Pakistan.

The initiative could lead to the growth of local industries, generate employment opportunities, and stimulate economic activity, he added.

He said with limited access to luxury imports, individuals might opt to spend their money on domestically produced alternatives.

This increased demand for local products could have a positive effect on the domestic economy, fostering economic growth and creating...