India has experienced a significant upswing in company registrations, surpassing 1.62 million active firms by the close of October, as per data from the Ministry of Corporate Affairs. This surge is noteworthy, given the formation of over 96,800 companies in the ongoing financial year, showcasing resilience despite technical glitches post the revamp of the MCA21 portal.
In comparison, India had 1.53 million companies by March 2023, signifying a notable increase in new registrations this year. The recent data highlights the service sector’s predominant role in propelling new incorporations. Out of the 15,603 companies established in October, community, personal, and social services contributed over 25%, while trading and business services added 16%. The collective share of the service sector in new business incorporations for the month stood at 42%, with manufacturing following at 14%.
The resilience of the service sectors is further underscored by double-digit growth reported in electricity, utilities, and construction during the September quarter, according to official statistics from the Ministry of Statistics and Programme Implementation.
Maharashtra emerged as the leading state in new company registrations for October, capturing a 17% share, trailed by Uttar Pradesh at 11%, and Delhi at 9%. These figures illuminate regional variances in business activities.
Examining gender representation in the data reveals a nuanced picture. Women’s representation in the number of registrations for directorships stood at 25% of all director identification numbers (DINs) issued in October for individuals aged 18-30. This percentage climbed to 34% in the 31-45 age group but experienced a marginal dip for more senior professionals.
While there’s evident progress in gender diversity, the data underscores the imperative for concerted efforts to achieve heightened equality, aligning with sustainable development goals set for 2030. In October alone, over 38,600 DINs were issued, reflecting the dynamic evolution of the corporate landscape in India.
