More than 1.55 lakh companies were incorporated in the country in 2020-21, a "significant" jump of 27 per cent compared to the year-ago period since the coronavirus pandemic had disrupted economic activities last fiscal.
Besides, 42,186 Limited Liability Partnerships (LLPs) were incorporated in the just-concluded financial year. The figure represents an increase of around 17 per cent compared to the same period a year ago.
"The increase is significant considering the unprecedented situation faced by the country due to COVID-19 pandemic," the Corporate Affairs Ministry said in a release on Thursday.
The ministry is implementing the Companies Act and the LLP Act.
"During the financial year 2020-21, Ministry of Corporate Affairs registered more than 1.55 lakh company incorporations as compared to 1.22 lakh companies during FY 2019-20, an increase of about 27 per cent," the release said.
Similarly, 42,186 LLPs got incorporated as against 36,176 in 2019-20, it added.
As part of efforts to improve the ease of doing business in the country, the ministry has taken various measures aimed at saving time and cost for starting a business in India.
Among others, the Central Registration Centre (CRC) continued to function even during the lockdown to enable stakeholders to incorporate companies and LLPs, as per the release.