265 cottage and small industries shut down in Banke

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.     

Although the number of those industries that were shut down officially by registering in the office is negligible, those industries failing to renew on time getting scraped were 165 in the district during this period, said Kashilal Adhikari, Information Officer at the Office of Cottage and Small Industries, Banke.     

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

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

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

Closure of the small-scale industries has led to the displacement of many entrepreneurs from Nepalgunj, according to Sapkota. (RSS)