India added a record number of companies and limited liability partnerships (LLPs) in the first half of this fiscal year, reflecting growing optimism about the country's business climate and economic growth prospects over the medium to long term despite near-term external headwinds, senior government officials said.
As many as 120,966 companies and LLPs were incorporated between April and September, up 11.4% from 108,583 a year before, according to the latest data compiled by the ministry of corporate affairs (MCA).
The record incorporation comes despite complaints of technical glitches involving the latest version of the MCA21 portal for corporate filings and amid a continued crackdown on shell companies. "This is a reflection of the government's initiatives to reduce Indian Inc's compliance burden, decriminalise several minor offences and remove redundant laws," said one of the officials.
Finance and corporate affairs minister Nirmala Sitharaman last week said the current NDA government had scrapped 39,000 unnecessary compliances and 1,500 archaic laws.
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