PARBAT: The economic recession following the COVID-19 pandemic continues to impact the industrial sector in Parbat.
The number of business closures has surpassed new registrations in the last financial year.
In the fiscal year 2023/24, a total of 195 industries and business firms were registered in the district, while 236 businesses shut down during the same period.
According to the Office of Tourism and Industry, there were 3,426 industries and 3,275 commercial firms operating in Parbat in the fiscal year 2022/23.
By the end of 2023/24, only 3,413 industries and 3,247 commercial firms remained, with 47 industries closing in just one year.
Thakuravi Paudel, President of the Parbat Chamber of Commerce and Industry, attributed the closures to the economic recession, increasing youth migration, inability to compete with imported goods, and lack of market access. Nearly 20 percent of market area shops are now empty.
However, there has been an increase in the registration of domestic manufacturing industries such as agriculture, livestock, fruit farming, and commercial goat breeding.
The Tourism and Industry Office reported achieving 97.77 percent of its goals for the fiscal year 2023/24, constructing 55 tourism infrastructures, providing skills development training to 69 people, and transferring technology to 22 industries.
The office also collected revenue worth Rs. 2.25 million.
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