Over 17,600 corporations shuttered, 1.38 lakh corporations registered this fiscal: Authorities knowledge

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As many as 17,654 corporations have been closed down until January 26 within the present monetary yr and a complete of 1,38,027 corporations had been registered throughout the identical interval, in response to official knowledge.

The info was shared by Minister of State for Company Affairs Harsh Malhotra to the Rajya Sabha as a part of a written reply on Tuesday (February 4, 2025). As per the info, 17,654 corporations have been shuttered within the present monetary yr until January 26.

The determine consists of corporations which have been amalgamated, transformed into LLPs, liquidated/dissolved and struck off from the official data.

The depend of shuttered corporations stood at 22,044 and 84,801 in 2023-24 and 2022-23, respectively.

The info was furnished in response to questions by YSRCP Rajya Sabha member Parimal Nathwani.

Firms are registered within the nation underneath the Firms Act, which is carried out by the company affairs ministry. The ministry additionally implements the Restricted Legal responsibility Partnership (LLP) Act.

Until January 26 of the present fiscal, 1,38,027 corporations have been registered whereas the depend stood at 1,85,318 in 2023-24 and at 1,59,302 in 2022-23.

The minister additionally mentioned the federal government has taken a number of initiatives for the benefit of doing enterprise, together with decriminalisation of 63 offences underneath the Firms and LLP Acts.