Record number of companies registered last fiscal: Ministry of Corporate Affairs

Companies registered last fiscal: Official data released by the Ministry of Corporate Affairs indicates a notable surge in company registrations during the last fiscal year, with over 1.85 lakh new companies entering the fold, surpassing figures from the preceding year. In March 2024 alone, approximately 16,600 new companies were established across the country.

During the fiscal year 2022–23, a total of 1,59,524 companies were registered, boasting a collective paid-up capital of Rs 18,132.16 crore. However, by the end of March 2024, the nation's company registry had expanded to accommodate 26,63,016 companies, of which approximately 64 per cent were actively operational.

The data also reveals that while 9,31,644 registered companies ceased operations, 2,470 were classified as dormant entities, and 10,385 were undergoing liquidation. Additionally, 27,022 companies were in the process of being struck off from official records.

In the fiscal year 2023–24, a total of 1,85,312 companies were registered, collectively contributing a paid-up capital of Rs 30,927.40 crore. The services sector dominated the new registrations, comprising 71 per cent of the total, followed by the industrial segment at 23 per cent and agriculture at 6 percent.

The corporate affairs ministry's bulletin for March highlights Maharashtra as a focal point for new company establishments, accounting for 17.6 percent of the total registrations in the fiscal year 2023–24.

Furthermore, the bulletin notes the registration of 5,164 foreign companies in India as of March 31, 2024, with 64 per cent of them being actively engaged in operations. March witnessed the registration of 42,041 director identification numbers, with 67 per cent of new directors being male and 33 per cent female. Notably, 43 per cent of newly registered directors fall within the age bracket of 31–45 years, while 7 percent are over 60 years old.

(with PTI inputs)