Introduction of Companies Act 2013, mandated the appointment of a Women Director on Board for a certain class of companies, which consequently resulted in the rapid increase of women directors in India. This also supports the initiative of Women's empowerment, as led by the Government of India. This rise is further expected to increase in the future, considering the contribution of women in the Indian economy.
More than 50% of the active directors and Key Managerial Personnel (KMP) belong to an age limit of 31 – 50 years followed by approximately 28% active directors and KMPs in 51-70 years. This depicts that the young generation is the major driving force of the corporate sector in India.
Companies Act 2013 made filing of financial statements compulsory in XBRL format for a certain class of companies. This change has led to the constant increase in filings made by active companies in India. The maximum number of XBRL filings were made in the year 2021. Despite the pandemic, the fiscal year 2021 has received the maximum filings to date.
Economic Liberalization introduced in the ’90s brought Foreign Direct Investments (FDI) in India which had led to the opening of many foreign companies. By providing a comfortable market and efficient human resources, the Indian economy is witnessing a high rise in the opening of foreign companies in the last decade.
The United States of America, the United Kingdom, and Japan comprise 50% of active foreign directors in India. Germany, Australia, and Korea are other major countries having the majority of active foreign directors in India.
Delhi being the Union Territory, making the highest contribution in India’s GDP, holds approximately 15.07% of total companies’ registrations. Chandigarh becomes the fastest-growing Union Territory among all territories, which indicates a growing number of companies.
Mr. Ratan Tata, the chairman of TATA Sons, is the first Indian director to be issued DIN by MCA in February 2006. Since then obtaining DIN has become mandatory for every director in India. Maharashtra appears to be the state with the highest registration of DINs and is further followed by Uttar Pradesh and Delhi. Gujarat, Karnataka, Tamil Nadu, West Bengal are some other states having the majority of active DIN registrations.
