Rupandehi District Grapples with Economic Slowdown: 207 Small-Scale Industries Shut Down in Current Fiscal Year
The economic downturn continues to take its toll on Rupandehi district, with a staggering 207 small-scale industries shuttering their operations in the first ten months of the fiscal year 2023-24.
Netra Prasad Bhusal, the chief of the Cottage and Small Industries Office in Rupandehi, disclosed this concerning figure, noting a significant increase from the 217 closures recorded in the previous fiscal year. Bhusal attributed the closures to the pervasive economic recession, which has directly impacted the district's industrial sector, leading to decreased production and dwindling commercial activities.
He further lamented the adverse effects on new business ventures, citing a decline in registrations from 1,304 to 1,175 compared to the previous year. Additionally, while 19 businesses closed in the last fiscal year, the current year has witnessed 26 closures, as reported by Bhusal.
Thakur Kumar Shrestha, chairman of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) in Rupandehi, echoed concerns, highlighting the dire situation faced by manufacturing and construction industries. Shrestha stressed the need for timely implementation of private sector suggestions by the government and emphasized addressing pertinent issues in the upcoming budget.
