May 24: Due to the increase in economic turmoil in Nepal, the wholesale business in the country has been limited by 25 to 40 percent as compared to the normal time, according the wholesale traders. They stated that this kind of situation has existed in the business since the last 8 to 10 months.

Yadunath Dhital, who has been in the business of ready-made garments since 10 years at Mahabouddha, the main wholesale market of Kathmandu, informed New Business Age that the situation has become so dire that it is difficult to pay even rent in the current situation.

“Currently, it is difficult to pay even the rent. Compared to the situation nine months ago, the business has been limited to 30 percent. It is equally difficult to pay to the staff as well. The business overall has shrunk a lot,” said Dhital. 

Readymade garments businessman Dhital stated that the businessmen now are in a mood of abandoning their businesses. Another businessman Mahesh Burma, who has been doing wholesale business of readymade garments in Mahabouddha for a long time, shared a similar story. He said, “Goods are traded at various places of the country, but we are not able to collect the payments. Other traders say that they have not been able to sell goods.” 

Burma said that many retail businessmen were struggling to repay their loans