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Services soar in new company registrations in FY24

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Services soar in new company registrations in FY24

The services sector accounted for 71% of the 185,300-plus new companies registered in the 2023-2024 financial year in India, showing a significant increase from previous years. The community, personal, and social services segment saw the sharpest growth, with almost double the number of registrations compared to the preceding year. Experts attribute the rise in registrations to the low barriers to entry and the increasing share of digitally delivered services. The services sector continues to contribute over half of India's economic output, despite government encouragement of large-scale manufacturing. Rising compliance with Goods and Service Tax (GST) requirements may also be influencing company registrations. Micro businesses made up the majority of new registrations, with Maharashtra, Uttar Pradesh, and Delhi leading the way.

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