India registers highest ever 1.67 lakh companies in FY 2021-22

India registered 1.67 lakh companies in FY 2021-22, the highest ever in any of the previous years. The incorporations during FY 2021-22 are 8% more than the incorporations during FY 2020-21.

New Delhi: India registered 1.67 lakh companies in FY 2021-22, the highest ever in any of the previous years. The Ministry of Corporate Affairs (MCA) registered 1.55 Lakh companies during FY 2020-21. The incorporations during FY 2021-22 are 8% more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.

As part of the Government of India’s drive for Ease of Doing Business, the MCA has taken many initiatives that save as many procedures, time, and costs for starting a business in India. The MCA also integrated 11 different services like name reservation, company incorporation across 3 Central Government Ministries or Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance), 3 State Governments (Maharashtra, Karnataka and West Bengal), and NCT of Delhi.

During FY 2021-22, the States 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). The maximum number of companies were incorporated in the Business Services sector (44,168 companies), followed by Manufacturing (34,640 Companies) Community, personal & Social Services (23,416 companies) and Agriculture and Allied Activities (13,387 companies).