<h1>India's New Firm Creation Surges, Ranking Third Globally with 124,000 New Firms in 2018.</h1> India ranks third globally for new firm creation, with 124,000 new firms established in 2018, up from 70,000 in 2014, reflecting a growth rate increase from 3.8% (2006-2014) to 12.2% (2014-2018). The Economic Survey 2019-20 highlights a significant rise in service sector firms, particularly in Delhi, Uttar Pradesh, Mizoram, Kerala, Andaman and Nicobar Islands, and Haryana. Manufacturing entrepreneurship is prominent in Gujarat, Meghalaya, Puducherry, Punjab, and Rajasthan. The survey emphasizes that literacy, education, and infrastructure significantly influence entrepreneurship, which boosts local economic development, particularly in manufacturing and services. However, India's formal entrepreneurship rates remain low compared to global standards.