According to the Ministry of Corporate Affairs, there have been 91,578 new company and limited liability partnership (LLP) incorporations so far this fiscal year, up nearly 5% from 87,379 over the same four-month period the previous year.
The increase in newly formed businesses during the current fiscal year (2024–2025) is the result of a 15% increase in newly incorporated businesses in 2023–2024 as opposed to 1.59 lakh enterprises registered in 2022–2023. According to a top official, the country’s business climate has improved, as seen by the steady expansion.
At the end of March 2024, India had a total of 26,63,016 companies that were registered. There were also a total of 5,164 foreign companies registered in the country indicating the flow of FDI into the fast-growing economy.
The MCA data also shows that the number of DIR-3 KYC forms filed so far during the current financial year jumped to 10.17 lakh from 7.98 lakh in the same period of 2023-24.
In India, there were 26,63,016 registered businesses as of the end of March 2024. In addition, 5,164 foreign companies were registered in the country, indicating the entry of foreign direct investment into the quickly growing economy.
Furthermore, 10.17 lakh DIR-3 KYC forms have been submitted thus far in the current fiscal year, up from 7.98 lakh during the same period in 2023–2024, according to MCA data.
Officials anticipate that the incentive programs for micro, small, and medium-sized enterprises (MSMEs) included in the Budget 2024–25 will cause the number of new businesses to soar even higher.
As part of a new initiative, Finance Minister Nirmala Sitharaman offered term loans for MSMEs to buy machinery and equipment without the need for collateral or guarantees. Guarantees up to Rs 100 crore will be provided by this guarantee fund.
She added that for every extra employee, firms will receive reimbursement for up to Rs 3,000 in monthly EPFO contributions for a period of two years. The goal of this program is to provide incentives for an additional 50 lakh jobs.
Additionally, as part of the PM’s package, the Finance Minister announced programs for employment-linked skill development. In all formal industries, new hires will be paid a month’s salary upon joining the workforce. Three installments of a one-month pay, up to Rs 15,000, will be given as a direct benefit transfer (DBT).
