India incorporated 16.3% more companies and 62.7% more limited liability partnerships (LLPs) in FY24 than a year before, showed the data released by the Ministry of Corporate Affairs (MCA) on Tuesday, reflecting growing optimism about the country's growth prospects over the medium to long term despite external headwinds.
A record 1,85,314 companies were incorporated in FY24, against 1,59,339 a year before, the MCA said in a post on X (formerly Twitter).
Similarly, the number of LLPs that were registered last fiscal touched an all-time high of 58,990, compared with 36,249 a year earlier. Steps to ease compliance burden and promote ease of doing business are also driving the record incorporation, officials have said.Importantly, 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.
The officials had earlier said the faster addition of LLPs was also driven by bright prospects of services exports, which had held up despite faltering goods shipments in the wake of a global growth slowdown.The economy will likely grow at 6.7% this fiscal year and 6.5% in the next, more than double the global average, the IMF said in January.
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