New companies are set up in the country: The number of active entities reducing
It is a very good news for the job seekers as nearly 1,800 new companies were set up in India in May. Most of them were set up in Uttar Pradesh and kudos to the ministry led by Akhilesh Yadav for this positive move. However the figure is way lower than 10,546 new companies that got registered in May 2013.
The latest data from the Corporate Affairs Ministry showed that 1,789 new companies, having a total authorised capital of Rs 3,342.34 crore, were registered in the country in May 2014. As per the ministry document, 1,785 were registered as Companies Limited by Shares with authorised capital of Rs 3,342.32 crore. And the rest 4 were registered as Limited by Guarantees with Rs 2 lakh authorised capital.
Among new entities, 250 were registered in Uttar Pradesh, followed by Andhra Pradesh (237) and West Bengal (220). However the bad news is that there were more than 13.97 lakh registered companies at the end of May and among them only 9.7 lakh entities were active.
This data shows that 2,55,867 companies were closed; 1,42,256 companies were lying dormant; 5,102 companies were under liquidation, 23,356 companies were in the process of being struck-off and 204 companies were in the process of being re-activated.
Manufacturing sector has 2.09 lakh active firms, trading 1.46 lakh active companies and construction 1.03 lakh active entities. All the industries are waiting for the new government to take measures which will give the GDP of the nation a positive thrust.
Source- Financial Chronicle
Akhilesh Yadav, Corporate Affairs Ministry, improving Infrastructure, Infrastructure, ministry led by Akhilesh Yadav, Uttar Pradesh
