Registration of companies, LLPs hits fresh high in FY24

economictimes.indiatimes.com:

In fact, the incorporation in the first ten months of FY24 beats the full-year numbers for any of the previous financial years, senior government officials said.

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Optimism about the country’s medium-to-long term economic growth prospects and steps to ease compliance burden and promote ease of doing business are driving the record incorporation, they said.

According to the latest data compiled by the Ministry of Corporate Affairs, 14,333 companies were incorporated in January, against 12,167 a year before. Similarly, 5,276 LLPs were registered in January, compared with 2,620 a year earlier.

Company float crosses 150,000-mark

The number of companies registered this fiscal has now breached the 1,50,000-mark for the first time to reach 151,442 until January, while that of LLPs stands at 47,800 and is poised to cross 50,000 in February.

Importantly, the record incorporation comes despite complaints of technical glitches involving the latest version of the MCA21 portal for corporate filings and amid a continued crackdown on shell companies.

Officials had earlier said the faster addition of LLPs is also driven by bright prospects of services exports, which have held up despite faltering goods shipments in the wake of a global growth slowdown.

Experts, too, have said