Over 113,000 Companies Established in FY25 So Far: Government Report
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New Delhi, Dec 16 (NationPress) The cumulative number of companies incorporated in the ongoing fiscal year (FY25) has reached 1,12,962 (up to November 30), as disclosed by the government on Monday.
The Minister of State in the Ministry of Corporate Affairs, Harsh Malhotra, stated in a written response in the Lok Sabha that the government has implemented several initiatives to encourage company registrations.
Among these initiatives is the Central Registration Centre (CRC), established in 2016 to streamline the online incorporation process and enhance the efficiency of registrations.
“The expenses associated with launching a business have been substantially lowered through various measures. All companies with authorized capital of up to Rs 15,00,000 are incorporated without any fee,” the government noted.
In 2020, amendments were made to the Companies Act, 2013 to promote ease of doing business, decriminalize offenses, and enhance compliance requirements, especially for small companies, one-person companies, startups, and producer companies.
The rise in new company formations during the current financial year (2024-25) follows a 15 percent increase in new companies incorporated in 2023-24 compared to 1.59 lakh companies registered in 2022-23.
This ongoing growth signifies an improvement in the country’s business environment. By the end of March 2024, India had a total of 26,63,016 registered companies. Additionally, 5,164 foreign companies were registered during this period, underscoring the influx of FDI into the rapidly expanding economy.
The Ministry of Corporate Affairs has recently prioritized reducing compliance burdens and enhancing the ease of doing business.
Furthermore, Malhotra reported that corporate social responsibility (CSR) spending in aspirational districts has steadily increased from FY2020-21 to FY2022-23.
In FY2022-23, Rs 1,402.89 crore was allocated for CSR activities in these districts, the minister noted.
Launched by Prime Minister Narendra Modi in January 2018, the aspirational districts program (ADP) aims to rapidly and effectively transform 112 of the most underdeveloped districts across the nation.
