374 enterprises face closure, 614 new ones emerge in Makawanpur in 10 months

BAGMATI: A total of 374 small-scale industries have ceased operations in Makawanpur district within the first 10 months of current fiscal year 2023/24.

The Office of Cottage and Small Industries in Makawanpur reports that 167 industrial enterprises and 207 commercial enterprises were forced to close due to the economic crisis during this period.

In the previous fiscal year, 283 enterprises had closed in the district. The Office Chief, Ram Prasad Bhusal, stated that the number of enterprises ceasing operations has increased due to a lack of loans from banks and financial institutions, as well as a shortage of capital.

In the meantime, a total of 614 new enterprises — 323 industrial and 291 commercial — have been registered at the office in the first 10 months of the current fiscal year.

Bhusal added that the office has collected revenue of Rs 26.32 million from various sources, including the registration and renewal of industries during this period.

(With inputs from RSS)