Business News

New Delhi: After record incorporations in 2023-24, company registrations fell 3.7% year-on-year in April, partly due to the high base effect. But incorporation of limited liability partnerships (LLPs) surged 36% year-on-year, according to the latest corporate affairs ministry data.The data showed 15,982 companies were incorporated in the first month of this financial year, against 16,599 a year before. A total of 5,896 LLPs were registered in April, compared with 4,335 a year earlier. In April 2023, about 4% more companies were incorporated than in the year before, while LLP registrations had witnessed a manifold jump.In 2023-24, 16.3% more companies and 62.7% more LLPs were incorporated than in the previous year, a reflection of the growing optimism about the country's growth prospects over the medium to long term despite external headwinds. A record 185,314 companies and 58,990 LLPs were incorporated in 2023-24.Steps to ease compliance burden and promote ease of doing business are also driving record incorporations, officials said. "There were record company incorporations in FY24, so there would be a high base effect for calculating growth this fiscal. Moreover, this is election time, so some entrepreneurs may have deferred incorporation. So, it's likely that company registrations will rebound after the election," said an official, who did not wish to be identified.As for the continuing increase in LLP incorporations, officials said it reflects robust prospects of services trade, both internal and external, and the booming services economy. The record incorporations in 2023-24 happened despite complaints of technical glitches involving the latest version of the MCA21 portal for corporate filings and amid a continued crackdown on shell companies.The International Monetary Fund last month raised India's 2024-25 growth forecast by 30 basis points (0.3 percentage points) to 6.8%. Although the pace of expansion could moderate from an estimated 7.8% in the previous fiscal, India will continue to be the world's fastest-growing economy this year, the multilateral body said.As per the statistics ministry's second advance estimate released in February, India is expected to have grown at a higher than anticipated pace of 7.6% in 2023-24.

Tamil Nadu Animal Husbandry Department has announced a ban on 23 'ferocious' dog breeds including Pitbull terrier and Tosa Inu in the stateThe ban came days after a incident in Chennai where a Rottweiler dog bit and injured a child.In the incident a five-year-old girl was grievously injured when two pet Rottweiler dogs ferociously attacked her in a park. Later cops arrested three people, including the pet owner. The case was filed after the girl's mother said the owners of the dogs "acted carelessly".The girl, who is the daughter of a security guard, was playing in the park in Thousand Lights area on Sunday evening when the two Rottweilers pounced on her. Hearing her screams, the girl's mother and a few passers-by rushed to the kid's rescue and freed her from the clutches of the 'dangerous' breed.Greater Chennai Corporation Commissioner Dr J Radhakrishnan, who visited the girl at the hospital, announced that the civic body would bear the cost of her treatment.The civic body would treat the incident as a stray dog menace and act accordingly since it was a clear case of negligence on the part of the pet owner."Once her condition stabilised, doctors would decide on taking up plastic surgery on her," the Commissioner added.Earlier speaking to reporters, he said the central government had in March sent a communication to all state chief secretaries asking them to ban the import or sale of 23 breeds of ferocious dogs, including the Pitbull, Rottweiler, Terrier, and Mastiffs and their cross-breeds too.Such dangerous dog breeds should be kept in leashes he said and warned of stringent action against the pet owners if due licences have not been obtained from the corporation.