More Job opportunities: 17 lakh companies registered by Sep 2017

Friday, November 3 2017

Startups Image Credit Continue reading According to the MCA records, nearly 17 lakh companies have been registered in India. Out of which a little over 5.32 lake firms have closed down their operations. The ministry of corporate affairs (MCA) has published the records of a total number of registered companies in India as of September 2017. Out of total count, one person companies (OPCs) contribute to 13,297 entities with the collective authorized capital of Rs 358 crore. The new companies registered in recent months are expected to create new job opportunities. Limited Liability Partnerships (LLPs) count stands at 1.03 lakh while rest of the registered companies are either Private Limited firms or publicly listed organizations. Most of the active companies are in the business and IT services sector. The sector employs a large number of skilled talent in India. Surprisingly, the economy has a number of newly registered OPCs generating the high amount of revenue. The economic activity wise classification suggests that highest amount of OPCs are registered in Business Services (8666), Community, Personal and Social Services (1515), Manufacturing (1100) and Trading (1044). The ministry has also published the data of closed down companies. Total 5,32,063 companies were closed down by end of September 2017. Out of the closed companies, about 10,437 companies were liquidated or dissolved, 490,453 companies were the defunct while, 19,789 companies were either amalgamated or merged with the other companies. About 6,591 registered entities were converted to LLPs while 4,793 were converted to LLPs and later dissolved. Startup India initiatives by PM Modi Government has helped in converting the entrepreneurial dream into an actual action plan. Youth is coming forward and shaping their ideas for the future. The Indian entrepreneurial sector is going through an actual revolution and creating more employment opportunities. Government's startup policy has eased the prices of registering the business. Startup policy by the Government of India also waves off the capital gain tax for newly registered startup companies. The sector-specific incubation centers will help these new companies in the process of business evolution and creating impact. Ministry of Corporate Affairs has observed the highest number of companies getting registered after the government announced its Startup Policy. - Rajat Kabade