177 Industries Closed in Parsa due to Economic Slowdown in FY 2022/23

December 14, 2023 | Investopaper

The economic slowdown has significantly impacted the economy of Parsa district, resulting in the closure of 177 industries during the fiscal year 2022/23, as reported by the Cottage and Small Industry Office in Parsa. This represents a notable increase compared to the 152 industries that ceased operations in the previous fiscal year 2021/22.

Dhananjaya Kumar Singh, the chief of the office, attributed the situation to a lack of loans from banks and financial institutions, as well as a shortage of capital. In the fiscal year 2022/23, the office recorded the registration of 1,089 new industries, while 1,480 registered in the previous fiscal year 2021/22.

Additionally, 1,275 industries were renewed during the fiscal year 2022/23. Over Rs 10 million in revenue was generated from the industries in the same fiscal year, and a total of 4,460 individuals found employment in these industries.


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