Vijay C Roy
Tribune News Service
Chandigarh, November 18
As many as 3,852 new companies were incorporated in North India during the second quarter (July-September) of the current fiscal — a whopping 83% increase from the corresponding period of the previous fiscal when 2,107 companies were registered, as per data from the Ministry of Corporate Affairs.
The maximum number of companies were registered in Haryana (2,526), followed by Punjab (698) and J&K (247). Chandigarh and Himachal witnessed registration of 201 and 108 companies, respectively. The registration of new companies shows renewed investor interest and plans by entrepreneurs to set up new business ventures in the region, despite the northern region not doing much well in the ease of doing business.
Nationally, the incorporation of new companies saw a jump of 66% during July to September as compared to the same period in the previous year. As many as 49,517 firms were incorporated during the period as compared to 29,874 during the second quarter of FY 2019-20. There has been a significant increase in the number of registrations on a month-on-month basis during the second quarter.
According to senior officials, the incorporation of new firms will continue to rise in the coming months as the economic situation improves.
It is worth noting that the registration of new companies dropped to a low of 230 in April this year when the country was under the lockdown. In April last year, 808 companies were registered in the region. As the restrictions eased and economic activity started picking up, the number of registrations also went up in later months.