The Ministry of Corporate Affairs (MCA) said on Monday it registered a record over 1.67 lakh company incorporations during the financial year ended March 31, 2022, substantially higher than 1.55 lakh registered in the previous year.
The increase is significant considering that the number of companies incorporated during Financial Year 2020-21 was the highest in any of the previous years. The incorporations during FY 2021-22 are 8 per cent more than the incorporations during FY 2020-21, the Ministry of Corporate Affairs said in a statement.
While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 lakh companies during FY 2020-21.
As part of the Government of India's drive for Ease of Doing Business (EoDB), the MCA has taken many initiatives thereby saving as many procedures, time, and cost for starting a business in India.
During FY 2021-22, the states having the highest number of registrations were Maharashtra (31,107 companies) followed by Uttar Pradesh (16,969 companies) Delhi (16,323 companies) Karnataka (13,403 companies) and Tamil Nadu (11,020 companies).
Sector-wise, the maximum number of companies were incorporated in the Business Services (44,168 companies), followed by Manufacturing (34,640 Companies) Community, personal & Social Services (23,416 companies), and Agriculture & Allied Activities (13,387 companies).
( With inputs from ANI )
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