Registration of companies LLPs hits a fresh high in FY24.
- IBEF
- February 14, 2024
In January, India experienced an 18% YoY increase in company incorporations and more than doubled the registrations of limited liability partnerships (LLPs), contributing to a record fiscal year with over 150,000 registered companies and nearing 50,000 LLPs by February. Despite reported technical glitches and efforts to combat shell companies, this surge is attributed to optimism about India's economic growth, eased compliance measures, and improved business facilitation.
Government officials link the accelerated addition of LLPs to robust services exports, which have grown by nearly 3.5% to US$ 247.9 billion in the first three quarters of the fiscal year, contrasting with a 5.7% decline in outbound merchandise shipments to US$ 317.1 billion. India's economic outlook remains strong, with the International Monetary Fund projecting 6.7% growth for the current fiscal year and 6.5% for the next. Notably, the statistics ministry's advance estimate anticipates a higher-than-expected growth rate of 7.3% in FY24, marking three consecutive years of 7%-plus expansion despite global uncertainties. The Reserve Bank of India forecasts a 7% economic growth for FY25.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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