Now Reading: 36,211 private companies shut in Maharashtra in five years
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36,211 private companies shut in Maharashtra in five years
Over 36,000 private companies have shut down in Maharashtra in the last five financial years, the Ministry of Corporate Affairs told Parliament. Mumbai alone accounts for 12,181 closures, followed by Pune with…
The Story in Brief
Over 36,000 private companies have shut down in Maharashtra in the last five financial years, the Ministry of Corporate Affairs told Parliament. Mumbai alone accounts for 12,181 closures, followed by Pune with 6,433 and Thane with 4,704. The replies, submitted by Minister Harsh Malhotra, cite the Companies Act and Insolvency and Bankruptcy Code as governing liquidation procedures. Business services (14,613) and manufacturing (6,582) saw the highest sectoral closures. The data was disclosed in response to a question from Shiv Sena (UBT) MP Rajabhau Waze.
The Indian Opinion
The numbers are stark, but they do not by themselves prove a jobs crisis. Business closures happen in every economy, and the Insolvency and Bankruptcy Code has created a formal process for them. The real test is whether new companies are being born fast enough to replace the dead ones. The government should publish quarterly data on company registrations alongside closures so that the public can judge the net direction of the economy.
Source: deccanherald.com
This story was synthesised by AI from the source linked above.
