How Many Registered Companies In India

Tape number of companies registered in FY22 despite Covid

Showing resilience India has registered 1.67 lakh companies in the financial year 2021-22 (Apr-March), according to a study past Ministry of Corporate Affairs (MCA)

Topics
Ministry building of Corporate Diplomacy | Indian companies | Indian Economic system

IANS | New Delhi Last Updated at April 21, 2022 06:44 IST

ALSO READ

Indians surpass US job seekers for Canadian job postings: Indeed

What is Sekhar Garisa's take on the task trends for 2022?

Haryana job reservation to impact manufacture sentiments: PHD Chamber

TMSEp67: Information protection, chore trends, markets, ITR Forms

Coronavirus pandemic erased over ix mn jobs in Southeast Asia, says ADB

Various waves of Covid could not sweep off India'due south growth story completely. Showing resilience Republic of india has registered 1.67 lakh companies in the financial year 2021-22 (Apr-March), according to a report by Ministry of Corporate Affairs (MCA).

The increase is significant considering that number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years.

The MCA had registered one.55 lakh companies in 2020-2021. The incorporations during FY 2021-22 are 8 per cent more than than the incorporations during FY 2020-21. While MCA had registered ane.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, information technology had registered 1.55 Lakh companies during FY 2020-21.

During FY 2021-22, us having the highest number of registrations were Maharashtra (31,107 companies) followed by Uttar Pradesh (16,969 companies) Delhi (16,323 companies) Karnataka (13,403 companies) and Tamil Nadu (11,020 companies).

Sector wise, the maximum number of companies were incorporated in the Business Services (44,168 companies), followed by manufacturing (34,640 Companies) community, personal & social services (23,xvi companies) and agriculture & allied activities (13,387 companies).

This likewise indicates that due to less availability of suitable jobs more than and more people are opening their ain businesses and are in turn becoming job creators.

The growth in Gross domestic product in India during 2021-22 is estimated at 8.9 per cent as against a contraction of 6.half dozen per cent in 2020-21. In value terms, Gross domestic product stood at Rs 38,22,159 crore in October-December 2021-22, college than the Rs 36,22,220 crore in the respective menstruation of the 2020-21.

Gross Value-Added (GVA) in the economic system is expected to grow past 8.3 per cent in 2021-22 from a iv.viii per cent contraction in 2020-21, the National Statistical Part (NSO) said. Apart from the contact-intensive segment of trade, hotels, transport, advice & services related to dissemination, all sectors are expected to surpass pre-pandemic GVA levels this year.

Even the MSMEs (Medium, Small, and Micro Enterprises) sector in Bharat is set for an economic rebound, the latest ASSOCHAM-CRISIL joint written report stated. Information technology added that the sector is expected to achieve mid-teen growth in financial 2022 with the pick-upwards of economical activities.

Amongst the global pandemic, India has found its innate force to brave the storm and focus on developing its domestic ecosystem, to support both the Indian and the global markets. The Aatmanirbhar Bharat vision that has been laid by the Hon'ble Prime number Government minister has enthused the Indian industry with conviction that will help us enhance our global play," says MrDeepak Sood, Secretary General, ASSOCHAM.

Considered to be the engine of economies around the world, the MSME segment in Bharat lone is estimated to have 6.3 crore units, which employs over 11.x crore people. The sector accounts for 27 per cent of Gdp and is crucial to the functioning of the economic system, including in terms of employment generation, exports, and lending opportunities. The sector was the worst hit during the COVID-19 pandemic and the lockdown that followed in 2020.

Crediting MSMEs for putting the country on the firm path of economic recovery in 2022 after having had it tough in 2021, Bhushan Parekh, Manager, CRISIL SME Solution, elaborated in the report, "A raft of measures past the authorities under its Aatmanirbhar Republic of india banner has provided reprieve to MSME segment in recent months. These include Rs 20,000 crore subordinate debt for stressed MSMEs, Rs 50,000 crore equity infusion through MSME Fund of Funds (SRI Fund), 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for businesses, including MSMEs (which was after increased to Rs 5-lakh crore in Union Budget 2022-23), change in definition of what constitutes an MSME, and no global tenders for government procurement upwardly to Rs 200 crore."

The study as well notes that if MSME lending by cyberbanking and non-banking finance companies (NBFCs) in financial 2021 rose to 7 per cent on-year, and so the credit is expected to abound past 7-nine per cent (effectually Rs xviii-lakh crore) on-year in fiscal 2022 supported by favourable government measures as well as rise in demand.

While the banks continue to dominate around 80 per cent of the MSME-lending book, it is, however, expected to reverse in the time to come. One of the factors driving the modify is the digitalization of the MSME sector. The digital footprint of MSMEs expanded in 2021, according to the CRISIL survey of over 500 MSMEs. This has not only helped in providing enhanced client experience, operational efficiency and workforce enhancement, but also facilitates access to financial services.

MSME also has 50 per cent share in exports since the past five years. The written report states that exports-linked MSME sectors take been on the path to recovery and will continue to practice so in the next fiscal.

--IANS

shs/

(Only the headline and picture of this report may accept been reworked by the Concern Standard staff; the residuum of the content is automobile-generated from a syndicated feed.)

Beloved Reader,

Business Standard has always strived hard to provide up-to-date data and commentary on developments that are of interest to y'all and take wider political and economic implications for the country and the earth. Your encouragement and abiding feedback on how to ameliorate our offer have simply fabricated our resolve and commitment to these ideals stronger. Fifty-fifty during these difficult times arising out of Covid-nineteen, we continue to remain committed to keeping you lot informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic affect of the pandemic, we demand your support even more than, then that we can proceed to offering y'all more quality content. Our subscription model has seen an encouraging response from many of you, who take subscribed to our online content. More subscription to our online content tin only help us achieve the goals of offering you even improve and more relevant content. We believe in gratuitous, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business organisation Standard.

Digital Editor

First Published: Thu, April 21 2022. 06:44 IST