Monday 21st September 2020

COVID-19 Pushing Nepal’s 400,000 Domestic Industries off the Cliff!

The sheer scale of disruption from the pandemic is unprecedented in Nepali history.
Business

Coronavirus

News

 
COVID-19 Pushing Nepal’s 400,000 Domestic Industries off the Cliff!

Nepal is on the verge of an unprecedented economic catastrophe as the coronavirus pandemic continues to unfold.

The sheer scale of disruption from the pandemic is unprecedented in Nepali history.

According to the Federation of Nepali Chambers of Commerce and Industry (FNCCI), around 400,000 domestic and small enterprises across the country are on the verge of displacement.

These industries are likely to be closed due to low operating capital, lack of human resources, and shrinking markets triggered by the nationwide lockdown.

According to the Industry and Business Council under the FNCCI, around 90% of the industries with working capital of up to NPR 2 million were closed.

Domestic Industries in Nepal

Most of the small and cottage industries have been closed, the capacity of medium-scale industries has dropped to 30%, and large-scale industries are on the verge of crisis.

“Even though some of the city’s industries have refined themselves according to the times, almost all the enterprises outside the valley are facing problems,” Rita Singh, President of the Federation of Women Entrepreneurs of Nepal.

According to the Economic Census 2075, there are 923,356 industries and business establishments in operation across the country. Among them, more than 400,000 are domestic and small-scale industries.

Stay Tuned to NepaliSansar For Latest COVID-19 News and Updates!

August 21, 2020 |

 
The buddha life journey and significance
 
 

 

Subscribe to our Newsletter

Sign up for more inspiring latest news, events, tourism, and more from Nepalisansar.

Read previous post:
Nepal Short Supply of Tetanus Vaccines
Chinese Sinopharm to Offer COVID-19 Vaccine By December!

Amid a global race to produce an effective vaccine against Covid-19, China has assured it will…Read more

Close