265 cottage and small industries close down in Banke

RANJHA, BANKE: A total of 265 cottage and small industries have closed in Banke district in nine months of the current fiscal year 2023/24. Although the number of industries that officially closed by registering with the office is small, 165 industries failed to renew on time and were consequently shut down during this period, according to Kashilal Adhikari, Information Officer at the Office of Cottage and Small Industries, Banke.

Adhikari informed that a total of 105 enterprises registered under industry and 160 firms under commerce were closed, adding that industrialists often cite family issues as a reason for closing their industries.

It's worth noting that the district recorded the closure of 160 cottage and small industries in the previous fiscal year 2022/23.

Many small-scale industries in the district are on the brink of closure, and many have already shut down due to a variety of reasons, such as the repercussions of the Covid 19 pandemic, high bank interest rates, and a liquidity crisis, mentioned Madhu Khadka, President of the Federation of Nepal Cottage and Small Industries, Banke's Chapter.

The closure of these small-scale industries has led to the displacement of many entrepreneurs from Nepalgunj, according to Sapkota.

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