‘Nearly 5000 companies registered in J&K in last 5 years’

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KC NEWS DESK

Srinagar: The Ministry of Corporate Affairs’ official statistics show that in the previous five years, close to 5000 companies have been established in Jammu and Kashmir.

In India, where entrepreneurship has been on the increase, the Ministry’s statistics show a progressive trend in Jammu and Kashmir too.

In the financial year 2022-23, a staggering 159,339 companies were registered across the country. As per the data, 167,076 companies were registered in 2021-22, 155,377 in 2020-21, 122,721 in 2019-20, and 123,938 in 2018-19.

A notable 80,757 startups have been acknowledged across the country in the last five years.

In Jammu and Kashmir, 1,545 companies were registered in 2018-19, 494 in 2019-20, 820 in 2020-21, 1,056 companies in 2021-22, and 1,015 in 2022-23.

The registered companies span a range of industries including agriculture and allied activities, manufacturing, construction, electricity, gas and water supply, mining and quarrying, business services, community, personal and social services, real estate and renting, trading, transport, storage, and communications, as well as finance and insurance.

Parallel to the surge in company registrations and startup recognitions, Jammu and Kashmir has embraced the concept of Limited Liability Partnerships (LLPs) as a vehicle for business establishment.

Over the last five years, 242 LLPs were registered in Jammu and Kashmir.

As per the data, 24 LLPs were registered in 2018-19, 30 in 2019-20, 61 in 2020-21, 64 in 2021-22 and 63 in 2022-23.

Recently, Union Minister Jitendra Singh, in acknowledging these advancements, highlighted the transformative impact of the StartUp India initiative.

The rapid growth in business activity in Jammu and Kashmir aligns seamlessly with the government’s drive to foster innovation and promote private investment.

The Startup India initiative, launched on January 16, 2016, by the Department for Promotion of Industry and Internal Trade under the Ministry of Commerce & Industry, has been pivotal in nurturing the startup ecosystem nationwide.

This initiative seeks to create a conducive environment for innovation, encourage startups, and attract private investments to fuel economic growth.

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