At the end of March 2023, India had only 1.53 million companies. Between April and October last year, close to 54,000 companies were formed. The increase in company registrations this year comes despite the revamp of the MCA21 portal, which caused technical glitches for a while.

The latest data showed that the service sector dominated new registrations. Of the 15,603 companies incorporated in October, community, personal and social services accounted for a little more than 25%, while trading and business services accounted for 16%. The overall service sector accounted for 42% of all new businesses incorporated in the month, followed by manufacturing, which accounted for 14%.

Official data released by the statistics ministry last month showed that some service sectors such as electricity, utilities and construction had seen double-digit growth in the September quarter.

Maharashtra reported the largest number of new company registrations in October with a 17% share, followed by Uttar Pradesh with 11% and Delhi with 9%.

Data also showed that women’s representation in the number of registrations for directorships in companies was at 25% of all director identification numbers (DINs) issued in October for people aged 18-30. Women’s share in DINs issued was 34% in 31-45 age group but dropped marginally for more senior professionals. 

The figures show that the country has a lot of ground to cover in achieving gender equality, a sustainable development goal to be achieved by 2030. Over 38,600 DINs were issued in the month.

Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Updated: 04 Dec 2023, 07:49 PM IST