Corporate Shifts: The Great Business Restructuring of 2023

In the current financial year, 17,654 companies in India have closed, while 1,38,027 new firms were registered. Minister Harsh Malhotra reported these figures, emphasizing the government's efforts in easing business operations by decriminalizing numerous offences under relevant corporate laws.

In an early 2023 report, the Indian government revealed that 17,654 businesses have been shuttered this financial year. This figure was disclosed by Minister Harsh Malhotra in response to parliamentarians' queries.

During the same period, 1,38,027 new firms began operations, showcasing significant corporate activity amidst regulatory adjustments. The overhaul includes transformations, liquidations, and mergers.

Recognizing the dynamic business environment, the government has decriminalized 63 offences under corporate regulations, aiming to simplify and bolster the ease of doing business nationwide.

(With inputs from agencies.)