The variety of new corporations included beneath the businesses regulation rose 26 p.c to over 1.55 lakh in 2020-21 as in comparison with the earlier 12 months, in response to a report.

In the report, Rubix Data Sciences on Wednesday stated the final monetary 12 months began with a record-low registration of three,209 corporations in April 2020 and ended at a file excessive in March 2021 when the rely stood at 17,324 corporations.

“1,55,377 new companies were registered in India during FY2020-21 compared with 1,22,721 in FY2019-20, recording a 26 per cent increase… momentum in new company registration has continued in FY2021-22 despite the second wave of COVID,” it famous. Rubix Data Sciences is a know-how and analytics-based B2B threat administration and monitoring platform.

The report stated the registration of latest corporations within the manufacturing sector rose almost 45 p.c from 23,014 in 2019-20 to 33,483 in 2020-21. “In the services sector, new company registrations grew by 16 percent. Remarkably, the number of new companies registered in agriculture and allied activities grew by a whopping 112 percent,” it added.

The variety of new Limited Liability Partnerships (LLPs) went up round 17 p.c to 42,185 within the final fiscal 12 months in comparison with 36,176 in 2019-20. Mohan Ramaswamy, co-founder and CEO of Rubix Data Sciences, stated India has made large strides within the ease of beginning a enterprise.

“Growth in the annual rate of new firm formation suggests that the concentration of economic activity is shifting away from a limited number of firms to many new entrants,” he added.

(PTI)