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Ministry of Corporate Affairs Registers 1.67 lakh Companies this Fiscal

Published on April 23, 2022
Current Context: COVID took a heavy toll on industries, MSME in particular. Despite all odds, fuelled by the government's support in terms of PLI (performance-linked incentive) and CGTMS, there has been a rise in the number of new firms.
Ministry of Corporate Affairs Registers 1.67 lakh Companies this Fiscal
  • MCA (Ministry of corporate affairs) has registered 1.67 lakh new companies, against 1.55 lakh firms opened during 2020-21. Grant of 1.97 lakh crore rupees and enhanced capital expenditure are said to have revived positive growth among new ventures.
  • The 8% growth in the number of firms, is a result of the government's push towards ease of doing business. India has improved 14 spots to rank 63rd in the ease of doing business index, released by the World Bank.
  • Online clearances such as PARIVESH, National data analytics program, Insolvency, and Bankruptcy code 2016, provision of GST, MCA21, reduced corporation tax, etc have paved the way for ease of doing business.

Question:

Q.1 What is the number of new firms registered as per MCA data?
a. 1.55 lakh crore
b. 1.67 lakh crore
c. 1.33 lakh crore
d. None of these
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