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Registration of new companies jumped 26% in 2020-21: Report

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Rubix Data Sciences on Wednesday said the last financial year started with a record-low registration of 3,209 companies in April 2020 and ended at a record high in March 2021 when the count stood at 17,324 companies.

Registration of new companies jumped 26% in 2020-21: Report
The number of new companies incorporated under the companies law rose 26 percent to over 1.55 lakh in 2020-21 as compared to the previous year, according to a report.
In the report, Rubix Data Sciences on Wednesday said the last financial year started with a record-low registration of 3,209 companies in April 2020 and ended at a record high in March 2021 when the count stood at 17,324 companies.
"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 noted. Rubix Data Sciences is a technology and analytics-based B2B risk management and monitoring platform.
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The report said the registration of new companies in the manufacturing sector rose nearly 45 percent 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 number of new Limited Liability Partnerships (LLPs) went up around 17 percent to 42,185 in the last fiscal year compared to 36,176 in 2019-20. Mohan Ramaswamy, co-founder and CEO of Rubix Data Sciences, said India has made big strides in the ease of starting a business.
"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.