More and more businessersons shutting down their businesses to go abroad

CHITWAN, JULY 12: More and more industrialists and business persons in the district are found shutting down their ventures/businesses and going for foreign employment. The prime reason behind this is the economic slump triggered by the effects of the COVID-19 pandemic. The very slum made it hard to for them to meet the basic operation costs (like paying rent and providing staff salaries. etc.)   This not only resulted in the closure of their business but also their movements to foreign countries for jobs.       

One can see that many outlets and shutters in the main trading hub of Narayangadh and the surrounding markets are either shut or have put up 'On Sale' notices. President of the  Chitwan Chamber of Commerce and Industry, Chun Narayan Shrestha, said seven entrepreneurs have closed their businesses and gone abroad while 12 more have formally applied to close their businesses.

The situation is such that it is difficult to either start a new venture or to continue with the existing business due to the economic slowdown coupled with exorbitant bank interest rates.  According to him, although this problem is comparatively less in the main established market areas, it is severe in the new emerging trade towns.

 Even those enterprises that are somehow keeping their businesses afloat have been cutting down on their production and employees. They are producing only around 40 percent of their total production capacity, Shrestha informed.

 It is said that among the 4,000 registered members of the Chitwan Chamber of Commerce and Industry that are in operation, most are running in financially weak conditions. The automobile sector, poultry sector, concrete manufacturing industries, food industries, and construction enterprises, among others, are affected the most by the economic downturn.