New Road Traders Face Severe Financial Pressure Due to Lack of Sales During Festivals

Kathmandu. Even during the Dashain-Tihar period, traders in Kathmandu's New Road have fallen under severe financial pressure due to lack of business. Traders who used to manage six months of expenses from one to one and a half months of business during festivals are worried this year as business has been zero. Their complaint is that it has become difficult to sustain businesses due to continuously declining business since the Corona pandemic, high bank interest rates, rising house rents, and cumbersome loan policies. New Road trader Rabindra Kumar Bohora said that the Dashain-Tihar business is the main basis for managing financial transactions throughout the year, rather than making a profit. He said, 'The Dashain-Tihar business used to manage six months of financial expenses. This business was the basis for managing pending transactions, bank interest, house rent, staff salaries, and transactions with creditors. But this opportunity was lost this time.' Recalling that bank interest rates have reached 15 to 20 percent since the Corona pandemic, he said that they have not received any relief from the state and banks. He stated that coordination between the state, banks, and landlords is necessary to save traders. New Road businesswoman Shanti Upadhyay said that business has been continuously affected by the earthquake, blockade, various movements, and recent incidents in the Bhote Koshi area. She complained that even though business has decreased, landlords increase rent by 20 to 40 percent every two years. She said, 'Now we cannot leave the business and walk away, nor can we sustain it by doing business. Neither the state nor the landlords understand our plight.' Trader Naresh Katuwal said that although banks have sufficient funds, traders cannot easily get loans due to cumbersome procedures. Pointing out the need for a scientific system for determining house rent, he said that the provision that allows traders who have invested millions to be removed based on a 35-day notice increases insecurity. He said, 'Currently, there is a provision to issue a 35-day notice and remove traders from the shutters. This should be changed to ensure a contract period of two to three years.' The traders' demand is that the state should seriously address the problem as New Road's business has become more challenging due to rising house rents, bank interest, loan complexities, and investment insecurity. They have emphasized adopting relief and legal reform measures in coordination with the government, Nepal Rastra Bank, and landlords to sustain businesses.