Economic Recession Forces Closure of 177 Industries in Parsa

A total of 177 industries in Parsa have shuttered their operations in the fiscal year 2079/80, citing economic recession as the primary cause. The Department of Cottage and Small Industries reported that these closures represent a significant increase from the 152 industries that ceased operations in the preceding fiscal year 2078/79.

Dhananjaya Kumar Singh, Head of the Cottage and Small Industries Office, highlighted that the industries faced closures due to challenges such as a lack of loan investments from banks and financial institutions, coupled with insufficient capital.

In contrast, the fiscal year 2079/80 saw the registration of 1,089 new industries at the Cottage and Small Industries Office, compared to 1,480 registrations in the previous year.

Providing insights into the dynamics of the industries, Singh noted that in the fiscal year 2079/80, 1,275 industries underwent renovation, 165 were capitalized, 33 were relocated, and 84 were renamed. The financial data revealed that during the same period, revenue amounting to Rs. 1 crore 6 lakh 39 thousand 250 was collected. Additionally, these industries contributed to job creation, with 4,460 individuals securing employment opportunities in the said fiscal year.

The economic challenges leading to the closure of industries underscore the need for comprehensive strategies to address financial constraints and promote a conducive environment for businesses. Local authorities and industry stakeholders may need to collaborate to explore measures that could stimulate economic growth and mitigate the adverse effects of the ongoing economic recession.