About 1.68 lakh firms registered in India in FY24

India surpassed 1.68 lakh enterprises in FY 2024, a significant increase in new business registrations. These companies' total paid-up capital shot up to Rs 19,774 crore, a huge gain above Rs 18,132.16 crore the year before. According to reports, February was this year's peak registration month.

Maharashtra emerged as the most prominent state, with 18% of newly registered companies in FY 2024 coming from this state. Delhi and Uttar Pradesh came in second and third, respectively, with 11% and 9% of registrations. In February, ONGC Green, PFC Infra Finance IFSC, IRCTC Payments, Indbank Global Support Services, Jamnagar Transmission, and Bhadla III & Bikaner III Transmission were among the other state-owned enterprises that registered.

These details were confirmed by official data from the Ministry of Corporate Affairs. This highlights the government's continued role in fostering business growth. The average paid-up capital for companies registered in FY 2024 is Rs. 11.72 lakh, indicating that small businesses are a significant driver of new registrations.

The large informal sector also plays a crucial role in India's economy, with over 60 million unincorporated non-agriculture micro, small and medium enterprises accounting for over 11 million jobs.

In terms of sectors, more than a fourth of all companies registered in February are involved in community, personal, and social services. The trading and manufacturing sectors made up 16% and 15% of registrations respectively.

The agriculture sector also experienced growth with the formation of 937 new companies during the same period. Despite the surge in new registrations, not all companies remain active.

As of the end of February, over 26,000 companies are in the process of being removed from the official registry for failing to file annual returns for two consecutive years. Additionally, 10,377 companies are currently under liquidation, primarily defunct entities.