Over 14,000 firms incorporated in Sept
₹100,000, indicating that micro and small enterprises are the fastest expanding segment within the industry. The services sector is witnessing the fastest growth in terms of economic activity. Small businesses play a significant role in India, contributing approximately one-third to economic output and making substantial contributions to exports.
In September, the highest number of new business ventures, totalling 3,828 registrations, were in the community, personal, and social services sector. Business services followed with 2,170 registrations. Besides, 2,142 trading companies set up shop.
The manufacturing sector added 1,957 businesses, while farm and allied sectors welcomed 855 newcomers. Additionally, 848 new construction companies and 649 real estate renting businesses emerged during the period. Two central public sector entities—Kallam TransCo Ltd and Khavda IV C Power Transmission Ltd—were also established for building and maintaining power, telecom, and transmission lines,according to data from the ministry.
India’s services sector has emerged as a key contributor to economic growth in recent years. In June quarter, it was the fastest-growing segment. Gross value added in hotels, trade, transport, communication and broadcasting-related services posted 9.2% growth in Q1 FY24.
Besides, financial, real estate, and professional services sector grew by 12.2%, according to data from the statistics ministry. In September, Maharashtra led with the highest number of new companies formed, with 2,352 registrations, followed by Uttar Pradesh with 1,642 new companies, and Delhi with 1,271 registrations. Gujarat reported 1,161 new registrations during the month.
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