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View::_evaluate() - CORE/Cake/View/View.php, line 971
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Entrepreneur of Chitwan Quitting Business En Masse
1 min 45 sec to read
Due to the economic slowdown in the country, a large number of industrialists and businessmen of Chitwan have started to quit their business. As they could not afford to pay the exorbitant interest, various taxes, rent and other expenses of banks and financial institutions, some industrialists have migrated abroad, while others have abandoned their business and are looking for other alternatives.
Due to lack of market demand, the industries have not been able to run at full capacity. Businessmen in Chitwan say that poultry business, construction industry and fancy shops have been worst affected by the economic slowdown. Most of the entrepreneurs have gone bankrupt due to the impact of the coronavirus pandemic.
Chunnarayan Shrestha, president of Chitwan Chamber of Commerce and Industry, says that the number of people leaving business and migrating abroad has increased since then. Although industrialists are optimistic, there has been no improvement in business. As a result, some entrepreneurs have started to change their business while some have gone abroad.
Shrestha said that because they could not afford the high interest rate of banks coupled with multiple taxes imposed by the government as well as rent and other operating expenses, people left the business and went to countries like the USA, Australia, Canada, and Japan.
"If there is no improvement in economic and commercial activities, many more businessmen will migrate abroad," said Shrestha. Subsequently, the industries have reached a state where they cannot operate anymore. Raju Poudel, the outgoing president of Chitwan Industry Association, said that since a few months ago, industrialists started migrating abroad, looking for better alternatives.
Gopal Bhattarai, vice president of Chitwan Chamber of Commerce, said that industrialists from Chitwan have gone abroad and started doing business. "There is no hope or possibility that the business would improve," he said, "Forget about making a profit, we couldn’t even meet the current expenses. In such a situation, the industrialists were forced to look for other options at home and abroad."
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'title' => 'September 2023',
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'id' => '4044',
'magazine_issue_id' => '1274',
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'title' => 'Entrepreneur of Chitwan Quitting Business En Masse',
'image' => '20230916094026_2023-09-16 09.37.23.jpg',
'short_content' => '',
'content' => '<p>Due to the economic slowdown in the country, a large number of industrialists and businessmen of Chitwan have started to quit their business. As they could not afford to pay the exorbitant interest, various taxes, rent and other expenses of banks and financial institutions, some industrialists have migrated abroad, while others have abandoned their business and are looking for other alternatives.</p>
<p>Due to lack of market demand, the industries have not been able to run at full capacity. Businessmen in Chitwan say that poultry business, construction industry and fancy shops have been worst affected by the economic slowdown. Most of the entrepreneurs have gone bankrupt due to the impact of the coronavirus pandemic.</p>
<p>Chunnarayan Shrestha, president of Chitwan Chamber of Commerce and Industry, says that the number of people leaving business and migrating abroad has increased since then. Although industrialists are optimistic, there has been no improvement in business. As a result, some entrepreneurs have started to change their business while some have gone abroad.</p>
<p>Shrestha said that because they could not afford the high interest rate of banks coupled with multiple taxes imposed by the government as well as rent and other operating expenses, people left the business and went to countries like the USA, Australia, Canada, and Japan.</p>
<p> "If there is no improvement in economic and commercial activities, many more businessmen will migrate abroad," said Shrestha. Subsequently, the industries have reached a state where they cannot operate anymore. Raju Poudel, the outgoing president of Chitwan Industry Association, said that since a few months ago, industrialists started migrating abroad, looking for better alternatives.</p>
<p>Gopal Bhattarai, vice president of Chitwan Chamber of Commerce, said that industrialists from Chitwan have gone abroad and started doing business. "There is no hope or possibility that the business would improve," he said, "Forget about making a profit, we couldn’t even meet the current expenses. In such a situation, the industrialists were forced to look for other options at home and abroad." </p>
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'title' => 'September 2023',
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'parent_id' => '0',
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simplexml_load_file - [internal], line ??
include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::_renderElement() - CORE/Cake/View/View.php, line 1224
View::element() - CORE/Cake/View/View.php, line 418
include - APP/View/MagazineArticles/view.ctp, line 279
View::_evaluate() - CORE/Cake/View/View.php, line 971
View::_render() - CORE/Cake/View/View.php, line 933
View::render() - CORE/Cake/View/View.php, line 473
Controller::render() - CORE/Cake/Controller/Controller.php, line 968
Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200
Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
[main] - APP/webroot/index.php, line 117
