Ministry of Corporate Affairs reports record high incorporations in 2023-2024 fiscal year
Apr 02, 2024
New Delhi [India], April 2 : The Ministry of Corporate Affairs (MCA) announced that the fiscal year 2023-2024 has witnessed the highest number of incorporations on record, surpassing any of the previous financial years on Tuesday in a post shared on X.
Ministry of Corporate Affairs posted on X, "MCA records the highest number of incorporations during 2023-2024, surpassing any of the previous financial years."
https://twitter.com/mca21india/status/1775031001661731243?s=48&t=CSE0glwGSDCXRHUtG7cLjw
In particular, the number of companies incorporated during the fiscal year 2023-2024 soared to 185,314, a rise from the 159,339 companies incorporated in the previous financial year 2022-2023.
This surge in company incorporations underscores the resilience and growth potential of India's corporate sector, with businesses across various industries contributing to the nation's economic development.
Similarly, the incorporation of Limited Liability Partnerships (LLPs) also witnessed a remarkable uptick during the same period. The data indicates that 58,990 LLPs were incorporated in the fiscal year 2023-2024, compared to 36,249 LLPs incorporated in the preceding year 2022-2023.
This surge in LLP incorporations reflects the increasing popularity of this business structure among entrepreneurs seeking flexibility and limited liability.
According to data released by the MCA, both companies and Limited Liability Partnerships (LLPs) have seen a remarkable surge in incorporations during the fiscal year 2023-2024 compared to the preceding year.
The statistics reveal a notable increase in the number of entities joining the corporate ecosystem, reflecting a buoyant business environment and robust investor confidence.
The surge in incorporations is indicative of the government's ongoing efforts to streamline regulatory processes, ease compliance burdens, and promote ease of doing business in the country.
As India continues on its path of economic recovery and growth, the MCA's announcement serves as a positive affirmation of the nation's entrepreneurial spirit and its potential to thrive in the global marketplace.
As stakeholders look ahead, the record-high incorporations in 2023-2024 signal promising opportunities for business expansion, job creation, and economic prosperity, further cementing India's position as a preferred destination for investment and enterprise.
