265 cottage and small industries shut down in Banke

Published On: April 20, 2024 07:50 PM NPT By: Republica  | @RepublicaNepal

RANJHA (Banke), April 20: Altogether 265 cottage and small industries have been closed in Banke district in the last nine months of the current fiscal year, 2023/24.

Kashilal Adhikari, Information Officer at the Office of Cottage and Small Industries, Banke, said that those industries were shut down after they failed to renew their registration on time.

A total of 105 enterprises registered as industries and 160 as commerce firms were shut down, informed Adhikari, adding that the industrialists often cite their family issues as the reason for closing down their industries.

It may be noted that the district had recorded closure of 160 cottage and small industries in the last fiscal year, 2022/23.

Many small-scale industries in the district were on the verge of closure and many have been shut down owing to a number of reasons, such as COVID-19 pandemic's repercussion, high interest rate of banks, liquidity crisis, mentioned Madhu Khadka, president of the  Banke chapter of the Federation of Nepal Cottage and Small Industries.

Closure of the small-scale industries has led to displacement of many entrepreneurs from Nepalgunj, according to Khadka.


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