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Agri sector registers highest new business registrations in 2020-21

The agriculture sector eclipsed other legacy sectors with the highest number of new business registration in India during 2020-21 notwithstanding the Covid-19 pandemic as consumers restricted their expenses on the necessities, a white paper released by US-based dun & bradsheet said.

The sector saw 12,368 new birth companies as compared to 6107 during the previous fiscal, a growth of 103 per cent.

Agriculture sub sectors such as agriculture production, food and kindred products manufacturing, wholesale of non-durable goods, chemicals manufacturing etc took the lions share in new registration.

The paper said 96 per cent of the newly registered business had a paid-up capital of up to Rs 10 lakh.

“Higher registrations in agriculture and food manufacturing seems reasonable given that consumers restrict their expenditure to necessities and cut down on non-discretionary spending during economic downturns. Good monsoon season could have provided the further impetus,” the paper said in its assessment.

The new registrations, notably, were witnessed in non-metros, away from traditional business hubs of New Delhi, Mumbai or Bengaluru. The top 10 business cities accounted for only 42 per cent of the new registration, while the rest went to other places.

 

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