236 industries shut down in Parbat

Parbat, July 27: The impact of the economic recession following the COVID-19 pandemic continues to affect the industrial sector of Parbat. 

The number of business enterprises that have been closed has surpassed the number of new enterprises registered in the last financial year.

 In the last fiscal year 2023/24, a total of 195 industries and business firms were registered in the district but 236 shut down during the same period. According to the Office of Tourism and Industry, there were 3,426 industries and 3,275 commercial firms in operation in Parbat in the fiscal year 2022/23 but at the end of 2023-24, there were 3,413 industries and 3,247 commercial firms still operating with 47 industries were closed in just one year.

Economic recession, increasing migration of youth, inability to compete with imported goods, lack of market etc are attributed to the increasing number of firms being shut down, said Thakuravi Paudel, President of Parbat Chamber of Commerce and Industry. Almost 20 percent of the shutters in the market area are empty. 

  However, there is an increase in the registration of domestic manufacturing industries such as agriculture, livestock, fruit farming, cattle breeding,  commercial goat breeding. 

  Meanwhile, the Tourism and Industry Office has stated that it achieved 97.77 percent progress in FY 2023/24. 

In the last financial year, 55 tourism infrastructures have been constructed in Parbat with skills development training provided to 69 people. 

Similarly, the Office has carried out technology transfer in 22 industries and collected revenue worth Rs. 2.25 million. (RSS)