1.67 lakh new companies registered in FY22: MCA

A total of 1.67 lakh new companies were registered in FY22, stated the Ministry of Corporate Affairs

April 19, 2022

The hike in the number of registrations is because of the Government undertaking the “ease of doing business” initiative.

The “ease of doing business” drive is an initiative to start a cost-effective and time-efficient way of business in the country.

Maharashtra has contributed largely by registering 31,107 companies in FY22.

The manufacturing sector has contributed significantly with 34,640 companies followed by the social services and the agriculture sector.

The number of registered companies in India reached an all-time high, as compared to the previous year. A total of 1.67 lakh new companies were registered in FY22, according to the Ministry of Corporate Affairs. 

The hike in the number of registrations is because of the Government undertaking the “ease of doing business” initiative, a cost-effective and time-efficient way to start a business in the country. 

The states that have contributed significantly to this are Maharashtra with 31,107 companies registered, Uttar Pradesh with 16,969 companies, Karnataka with 13,403 companies and Tamil Nadu with 11,020 companies. 

The sectors that have contributed the most have been the manufacturing sector with 34,640 companies, the personal and social services sector with 23,416 companies, and agriculture with 13,387 companies, stated the government release. 

Recently, the Government has also undertaken several measures for small companies in order to help them with reduced compliance costs for almost 2 lakh firms, no MCA fee for the company incorporation up to INR 15 lakh capital, incentivisation of incorporation of one-person companies (OPCs), de-criminalisation of technical & procedural violations under Companies & LLP Act.