Economic Slowdown Shuts Down 610 Industries in Makawanpur in Fiscal Year 2080/81 BS

In a significant setback to the industrial and commercial sector, as many as 610 industries and businesses have closed down in Makawanpur during the fiscal year 2080/81 BS, largely due to the ongoing economic recession. According to data from the Makawanpur Chamber of Commerce and Industry, 268 industries and 336 commercial firms were removed from the registry during this period.

This marks a sharp increase compared to the previous fiscal year, 2079/80 BS, when 283 firms related to industry and commerce were not renewed and subsequently cut from the official list.

Ram Prasad Bhusal, Chief of the Chamber of Commerce and Industry Office in Makawanpur, cited several contributing factors to the closures. "The economic slowdown, lack of loan investments from banks and financial institutions, and insufficient capital are among the main reasons for the rise in industrial shutdowns," he explained.

Moreover, the registration of new industries and commercial enterprises has also seen a decline during fiscal year 2080/81 BS. Despite the challenges, 701 new industries were registered this year, with 366 falling under the industrial sector and 335 in the commerce category. However, this is a notable drop from previous years, indicating the tough business climate currently facing the region.

The situation reflects broader economic challenges that businesses in Makawanpur and across the nation are grappling with, as financial constraints and a sluggish economy hinder growth and expansion.