India ranked third globally in number of new firms created

The Economic Survey 2019-20 presented on January 31, 2020 stated that India is ranked third globally in number of new firms created. It also revealed that as many as 1,24,000 new firms have been created in India in the year 2018 alone.

The survey quoted this data on firm creation from the World Bank’s data on entrepreneurship. The number of new firms created from 2014 to 2018 grew at a rate of 12.2 per cent. It also stated that more new firms were created in services sector in the country when compared to the agriculture and manufacturing sectors.