Over 17,600 cos shuttered, 1.38 lakh cos registered this fiscal: Government data
New Delhi: As many as 17,654 companies have been closed down till January 26 in the current financial year and a total of 1,38,027 firms were registered during the same period, according to official data.
The data was shared by Minister of State for Corporate Affairs Harsh Malhotra to the Rajya Sabha as part of a written reply on Tuesday.
As per the data, 17,654 companies have been shuttered in the current financial year till January 26.
The figure includes companies that have been amalgamated, converted into LLPs, liquidated/dissolved and struck off from the official records.
The count of shuttered companies stood at 22,044 and 84,801 in 2023-24 and 2022-23, respectively. The data was furnished in response to questions by YSRCP Rajya Sabha member Parimal Nathwani.
Companies are registered in the country under the Companies Act, which is implemented by the corporate affairs ministry.
The ministry also implements the Limited Liability Partnership (LLP) Act.
Till January 26 of the current fiscal, 1,38,027 companies have been registered while the count stood at 1,85,318 in 2023-24 and at 1,59,302 in 2022-23.
The minister also said the government has taken several initiatives for the ease of doing business, including decriminalisation of 63 offences under the Companies and LLP Acts.
Moreover, the government said 339 foreign companies have been registered in the country in the last five years and the registration of such firms has been on the decline since 2020.
This year, five foreign companies have been registered -- 1 each in Andhra Pradesh, Delhi, Kerala and two in Tamil Nadu, official data shared by Minister of State for Corporate Affairs Harsh Malhotra with the Rajya Sabha showed.
Under Section 2 (42) of the Companies Act, 2013, a foreign company means any company or body corporate incorporated outside India, which has a place of business in India whether by itself or through an agent, physically or through electronic mode.
