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Banke Sees Closure of 265 Small Businesses in 9 Months

April 20, 2024
Banke Business

265 domestic and small industries have closed in the Banke district during the first nine months of the current fiscal year. This represents a significant increase compared to the 160 closures recorded in the previous fiscal year.

Kashilal Adhikari, information officer at the Banke Domestic and Small Industries Office, explained that many of the closures were due to businesses failing to renew their licenses. He noted a higher number of commercial farm closures (160) compared to industrial closures (105).

Madhu Khadka, president of the Nepal Household and Small Industries Association Banke, attributed the closures to the lingering effects of the COVID-19 pandemic, rising bank interest rates, and ongoing financial liquidity issues. The consequences are visible in the market, with empty commercial spaces and the displacement of some Nepalgunj business owners.

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