The Ministry of Corporate Affairs (MCA) announced a significant milestone, revealing that the fiscal year 2023-2024 witnessed the highest number of incorporations on record, surpassing all previous financial years. This announcement was made through a post shared on social media platform X.
According to the MCA's post, a total of 185,314 companies were incorporated during the fiscal year 2023-2024, marking a notable increase from the 159,339 companies incorporated in the previous financial year 2022-2023. This surge in company incorporations reflects the resilience and growth potential of India's corporate sector, with businesses across various industries contributing to the nation's economic development.
Additionally, the incorporation of Limited Liability Partnerships (LLPs) also experienced a remarkable uptick during the same period. The data reveals that 58,990 LLPs were incorporated in the fiscal year 2023-2024, compared to 36,249 LLPs incorporated in the preceding year 2022-2023. This surge in LLP incorporations underscores the increasing popularity of this business structure among entrepreneurs seeking flexibility and limited liability.
The data released by the MCA highlights a substantial increase in the number of entities joining the corporate ecosystem, indicating a buoyant business environment and robust investor confidence. This surge in incorporations is indicative of the government's continuous efforts to streamline regulatory processes, ease compliance burdens, and promote ease of doing business in the country.
