New Delhi, March 4 -- New company registrations surged to 24,136 in February, 37% higher than a year ago and the second highest in the current financial year, indicating strong entrepreneurial sentiment and formalization of economic activities.

Data from the ministry of corporate affairs showed registrations rebounded after slowing in October and November, when just over 15,000 and nearly 14,000 companies, respectively, were set up. Registrations climbed to about 23,280 in January before accelerating further in February.

The majority of new businesses are closely held, private limited companies. The average paid-up capital of companies formed in January, for example, stood at Rs.600,000, suggesting that entrepreneurship is being driven ...