Registration of new companies jumps 66% in North
The registration of new companies in the northern region has surged to a new level, suggesting a shift in economic activity. As many as 1,330 new companies were incorporated in July, up 66% as compared to July 2019 when 800 companies were registered, shows data of the Ministry of Corporate Affairs.
The maximum number of companies were registered in Haryana (861), followed by Punjab (262) and J&K (85). Chandigarh and Himachal Pradesh witnessed registration of 69 and 53 companies, respectively.
To commence a new business, the incorporation of a company is important as it shows the intent of an entrepreneur to invest. However, it will depend on the economic condition before the companies take a final call on the actual investment plans.
The registration of new companies dropped to a low of 230 in April when the country was under the lockdown. In April last year, 808 companies were registered in the region. As the restrictions eased, the number of registrations also went up to 933 in June this year compared to 699 in June 2019.
According to senior officials, the incorporation of new firms will continue to rise in August as companies could not be registered during April and May because of the lockdown curbs.
Nationally, the incorporation of new companies saw a jump of 54% in July as compared to July 2019. As many as 16,487 firms were incorporated in July this year as compared to 10,699 in July 2019, the data showed. There has also been an increase of 50.51% in new registrations in July as compared to the previous month.