The Indian government has granted ‘Navratna’ status to two public sector enterprises, IRCTC (Indian Railway Catering and Tourism Corporation) and IRFC (Indian Railway Finance Corporation).
This prestigious recognition is expected to give these companies greater operational flexibility, decision-making autonomy and a chance to expand their market presence.
A post on X by the Department of Public Enterprises confirmed the elevation of IRCTC and IRFC to Navratna CPSEs, giving them the 25th and 26th positions. It further added, “IRCTC is a Ministry of Railways CPSE with an annual turnover of Rs 4,270.18 crore, PAT of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore for FY 2023-24.”
Minister of Railways Ashwini Vaishnaw also tweeted to congratulate both organisations. “Congratulations to team IRCTC and team IRFC on being upgraded to Navratna status,” he said.
Indian railway is one of the largest rail networks in the world and plays a crucial role in transporting goods and passengers across the country. From food to water and clean beddings, it provides all the facilities and comfort to the passengers depending on the train and coach.
Since its establishment in 1853, the Indian railway has been focusing on growth and making it better for the passengers. The major key growth areas are infrastructure, electrification & sustainability, high-speed rails, passenger amenities, digitalisation and freight & logistics, resulting in Navratna Status.
What is Navratna?
Navratna is a special recognition given by the Indian government to certain Public Sector Undertakings (PSUs) that have performed exceptionally well in terms of profitability, efficiency and contribution to the economy.
Companies with this status are given more autonomy and independence in decision-making, especially in all areas like finance and investment. This also allows them to make decisions without needing government approval, which helps them grow more effectively in the market.
