Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) have been granted Navratna status by the Union government, bringing the total number of Navratna CPSEs to 26.
IRCTC and IRFC Given Navratna Status
“The Government has approved the upgradation of Indian Railway Catering and Tourism Corporation (IRCTC) to Navratna CPSE, making it the 25th #Navratna among CPSEs!” was the statement made by the Department of Public Enterprises when it announced the improvements on X.
For FY 2023–2024, IRCTC, a public sector company under the Ministry of Railways, reported a net worth of ₹3,229.97 crore, an annual turnover of ₹4,270.18 crore, and a profit after tax (PAT) of ₹1,111.26 crore.
For IRFC, a similar announcement was made, saying: “The Government has approved the upgradation of Indian Railway Finance Corporation (IRFC) to Navratna CPSE, making it the 26th #Navratna among CPSEs!”
For FY 2023–2024, IRFC, which is also a part of the Ministry of Railways, reported a net worth of ₹49,178 crore, a PAT of ₹6,412 crore, and an annual turnover of ₹26,644 crore.
Central Public Sector Enterprises (CPSEs) that fulfill stringent operational and financial requirements are granted Navratna status, which includes:
- Miniratna-I classification Schedule ‘A’ status
- Three of the previous five years have had excellent or very good MOU ratings.
- Performance metrics like net profit to net worth, labor cost to total cost of production, and earnings per share should all have a minimum composite score of 60.
Why is Navratna Status Important?
IRCTC and IRFC become the latest additions to the list of Navratna CPSEs, which already includes ONGC Videsh Ltd, Engineers India Limited, Bharat Electronics Limited, and NMDC Limited.
Greater financial and operational autonomy brought about by Navratna status allows CPSEs to make more valuable investments without obtaining government approval, which speeds up decision-making and growth.
The following are now on the list of Navratna CPSEs:
- Bharat Electronics Limited
- Container Corporation of India Limited
- Engineers India 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 & Fertilizers Limited
- IRCON
- RITES
- National Fertilizers Limited
- Central Warehousing Corporation
- Housing & Urban Development Corporation Limited
- Indian Renewable Energy Development Agency Limited
- Mazagon Dock Shipbuilders Limited
- Railtel Corporation of India Limited
- Solar Energy Corporation of India (SECI) Ltd.
- NHPC Limited
- SJVN Limited
- IRCTC
- IRFC
