India sees incorporation of 185,000 companies in 2023-24, shows data

In the last fiscal year, over 185,000 companies were registered in the country, marking an increase compared to the previous year, with nearly 16,600 companies established in March alone, as per official data. By March 2024, the country boasted a total of 2,663,016 registered companies, with 64% of them actively functioning. However, a significant number of companies, totalling 931,644, were closed, while others were dormant or under liquidation. The bulletin from the corporate affairs ministry highlighted a rise in registrations, particularly in the services sector, with Maharashtra being a prominent hub for new company setups, accounting for 17.6% of the total.

The bulletin also provided insights into director registrations, revealing that 67% of newly registered directors were male, and 33% were female. Additionally, 43% of these directors fell within the age group of 31-45 years, with a notable 7% being older than 60 years. The data underscores the dynamic landscape of business activity in the country, with ongoing trends indicating growth in various sectors, alongside notable demographic and regional patterns shaping the corporate landscape.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.