KATHMANDU: A significant number of industries in Parbat have been affected by the ongoing economic downturn, rising migration rates, and various other factors.
In the first six months of the current fiscal year, 133 industries have been deregistered.
The Tourism and Industry Office reported that 236 industries were closed in the fiscal year 2023/24. However, 133 of these closures resulted in deregistration in the current fiscal year. As of this year, 99 new industries have been registered with the office, with 49 industries and 50 commercial firms among the newly registered.
Office Chief Poshnath Sharma explained that more businesses are closing than opening, with 64 industries and 69 commercial firms deregistered. The office also revealed a slight decline in the total number of industries.
At the end of the fiscal year 2023/24, Parbat had 3,413 industries and 3,247 commercial firms. The latest figures show a reduction to 3,390 industries and 3,135 commercial firms, indicating a loss of 135 industries over the past six months. Sharma attributed this decline to the economic recession, the growing youth migration, competition from imported goods, and limited local markets.
Thakurbi Poudel, President of the Chamber of Commerce and Industry, noted that about 20% of the market space has become vacant as industries close and businessmen move abroad.
He emphasized that many industrialists and entrepreneurs have had to abandon their investments due to insufficient returns. Despite an increase in government incentives for businesses to combat unemployment, Poudel highlighted that the number of closures still outweighs the registrations.
Industries in agriculture, livestock farming, homestays, and other domestic products have seen an increase in registration, possibly due to students seeking proof of business ownership for foreign employment. Additionally, many businesses are registering at both local levels and the Tourism and Industry Office, creating confusion among entrepreneurs.
In the current fiscal year, the Tourism and Industry Office has collected Rs 2.866 million in revenue and is developing 42 tourism infrastructure projects, with 36 agreements already signed and six pending.
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