The central government has granted Navratna status to two companies – Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), according to posts by the Department of Public Enterprises on X.
With this addition, the total number of Navratna companies in the country has risen to 26.
IRCTC, a Ministry of Railways CPSE, reported an annual turnover of Rs 4,270.18 crore, a profit after tax of Rs 1,111.26 crore, and a net worth of Rs 3,229.97 crore for the financial year 2023-24.
Similarly, IRFC, also a Ministry of Railways CPSE, recorded an annual turnover of Rs 26,644 crore, a profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore for the same period.
What does this status mean?
The grant of ‘Navratna’ status typically results in enhanced powers, greater operational freedom, and increased financial autonomy for these companies, providing them with significant momentum.
Navratna companies are empowered to invest up to Rs 1,000 crore without the need for central government approval.
Other notable Navratna companies include Bharat Electronics Limited, Container Corporation of India Limited, Engineers India Limited, Hindustan Aeronautics Limited, Mahanagar Telephone Nigam Limited, National Aluminium Company Limited, National Buildings Construction Corporation Limited, Neyveli Lignite Corporation Limited, NMDC Limited, Rashtriya Ispat Nigam Limited, Shipping Corporation of India Limited, Rail Vikas
Nigam Limited, ONGC Videsh Ltd, Rashtriya Chemicals and Fertilizers Limited, IRCON, RITES, National Fertilizers Limited, Central Warehousing Corporation, Housing and Urban Development Corporation Limited, Indian Renewable Energy Development Agency Limited, and Mazagon Dock Shipbuilders Limited.
The Department of Public Enterprises (DPE) is the central body overseeing all Central Public Sector Enterprises (CPSEs) and is responsible for formulating policies regarding CPSEs.
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