In September, around 14,000 businesses were founded

 In September, around 14,000 businesses were founded

The community, personal, and social services sector saw the highest number of new business venture registrations in September, totaling 3,828.

New Delhi: According to official data from the ministry of corporate affairs, over 14,000 businesses were formed in September, an increase of more than 3% from the same month last year.

The figures suggest a consistent interest in starting businesses and a stable procedure for registering businesses following a technological advancement in the government's digital registry.

The majority of the new businesses, or almost 40% of the businesses formed in September, have an authorized capital of $100,000 or less, showing that the micro and small business sector is the one that is expanding the fastest. In terms of economic activity, the services sector is expanding the fastest.

Small enterprises are important in India, where they account for about one-third of economic activity and significantly increase exports.

The community, personal, and social services sector saw the highest number of new business venture registrations in September, totaling 3,828. The next category, business services, saw 2,170 registrations. Additionally, 2,142 trading firms opened their doors.

While the farm and allied industries received 855 newcomers, the industrial sector added 1,957 enterprises. In addition, 649 new real estate rental enterprises and 848 new construction firms both started up during this time.

According to information from the ministry, two central public sector organizations—Kallam TransCo Ltd and Khavda IV C electricity Transmission Ltd—were also set up for the construction and upkeep of electricity, telephone, and transmission lines.

In recent years, India's services industry has become one of the main drivers of economic expansion. It grew the fastest during the June quarter. In Q1 FY24, gross value added in the hotel, trade, transportation, communication, and broadcasting-related services increased by 9.2%. In addition, the statistics ministry reported that the banking, real estate, and professional services sectors all had growth of 12.2%.

With 2,352 registrations, Maharashtra had the most newly created firms in September, followed by Delhi (1,271) and Uttar Pradesh (1,642 registrations). During the month, Gujarat recorded 1,161 new registrations.

79,300 new enterprises were founded between April and September, an increase of 2% from the same period last year.

An expanding corporate sector and the development of new legal entities for investments are indicators of an increase in new company formation. However, a variety of economic factors will determine when they begin operations.