BANKE: Over the course of the current fiscal year, 2023/24, a total of 265 cottage and small industries have ceased operations in Banke district.

While the official closure registrations remain minimal, approximately 165 industries failed to renew their operations on time, according to Kashilal Adhikari, Information Officer at the Office of Cottage and Small Industries, Banke.

Of the closed enterprises, 105 were registered as industrial firms and 160 as commerce firms, Adhikari noted.

The primary reason cited by industrialists for shuttering their businesses is often attributed to family issues.

Notably, the district witnessed the closure of 160 cottage and small industries in the preceding fiscal year, 2022/23.

Madhu Khadka, President of the Federation of Nepal Cottage and Small Industries, Banke’s Chapter, highlighted various factors contributing to the shutdowns, including the repercussions of the COVID-19 pandemic, high interest rates imposed by banks, and liquidity crises.

The closure of these small-scale industries has resulted in the displacement of numerous entrepreneurs from Nepalgunj, as stated by Sapkota.