In FY24, India witnessed a remarkable surge in company registrations, with a 16.3% increase in companies and a staggering 62.7% rise in limited liability partnerships (LLPs) compared to the previous year. Data from the Ministry of Corporate Affairs (MCA) revealed this positive trend, underscoring growing optimism about India’s long-term growth prospects despite external challenges. The MCA disclosed that a record-breaking 1,85,314 companies were incorporated in FY24, up from 1,59,339 in the preceding year. Similarly, LLP registrations soared to an unprecedented 58,990, a significant jump from 36,249 in the previous fiscal period. This surge in registrations is attributed to growing aspirations of new India, awareness and hardwork of the citizens of new India.
Projections from the International Monetary Fund (IMF) indicate a robust growth trajectory for India, with expected growth rates of 6.7% and 6.5% for the current and subsequent fiscal years, respectively—more than double the global average.
The people of India have always aspired to do their own business. Before the year 2000, there were very less opportunities as far as corporate jobs are concerned and citizens of India either aspired to do their own business or join a government job. In case they failed to make a success at their own business or government job then they used to join private section jobs which were limited.
Post 2000, the trend changes as MNC’s started showing their presence in India due to the liberalisation policies introduced in 1991 and gates for international organisations were opened.
There started a trend within youth of India to join MNC for their corporate culture and lifestyle. Further, the middle class started aspiring to join MNC in the hope of getting jobs outside India in countries like USA, Britian etc.
Post 2010, as the youth became familiar with the MNC corporate culture, they again started aspiring to do their own business.
Business has always been in the blood of Indians for thousands of years.
What has changed now is more awareness as to how the business can be scaled by running a business in the form of a private limited company which can scale to any limits due to the freedom it provides to raise capital, ease of doing business, credibility, separate legal entity and many more.
As awareness has increased, more and more entrepreneurs are choosing Private Limited Company as their preferred form of business over proprietorship or partnership.
As being spoken by CA Bhuvnesh Kumar Goyal at many occasions that Indians are all about risk and has always been about risk. As the awareness is increasing, he advises and suggests that every Indian shall and must incorporate his/her private limited company and try run his/here aspired business for atleast 3 years once in his/her lifetime. There is nothing to lose and sky is open to fly.
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