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.

For FY 2023–2024, IRCTC, a public sector company under the Ministry of Railways, reported a net worth of Rs. 3,229.97 crore, an annual turnover of Rs. 4,270.18 crore, and a profit after tax (PAT) of Rs.1,111.26 crore.

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 Rs. 6,412 crore, and an annual turnover of Rs. 26,644 crore.

Why it matters?

RCTC 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.