“More Power, More Growth” – IRCTC & IRFC Join India’s Elite Navratna Club
New Delhi, March 3: In a significant move to enhance financial and operational autonomy, the central government has conferred ‘Navratna’ status upon two key railway companies—Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC). The announcement was made by the Department of Public Enterprises (DPE) through a post on X.
With this latest addition, India now has 26 Navratna companies, strengthening the country’s public sector enterprises and enabling them to operate with greater financial freedom.
What Does Navratna Status Mean for IRCTC & IRFC?
The Navratna status allows these companies to:
✅ Invest up to ₹1,000 crore without requiring government approval
✅ Enjoy greater operational independence in decision-making
✅ Expand their businesses and undertake strategic investments
✅ Compete more effectively in the global and domestic markets
Financial Performance of the New Navratnas
📌 Indian Railway Catering and Tourism Corporation (IRCTC)
- Ministry: Ministry of Railways
- Annual Turnover: ₹4,270.18 crore
- Profit After Tax: ₹1,111.26 crore
- Net Worth: ₹3,229.97 crore (FY 2023-24)
- Core Business: Catering, tourism, and online ticketing for Indian Railways
📌 Indian Railway Finance Corporation (IRFC)
- Ministry: Ministry of Railways
- Annual Turnover: ₹26,644 crore
- Profit After Tax: ₹6,412 crore
- Net Worth: ₹49,178 crore (FY 2023-24)
- Core Business: Financial support and leasing solutions for Indian Railways’ infrastructure projects
Existing Navratna Companies in India
IRCTC and IRFC join an elite list of 26 Navratna CPSEs (Central Public Sector Enterprises), which include:
- Bharat Electronics Limited (BEL)
- Hindustan Aeronautics Limited (HAL)
- National Aluminium Company Limited (NALCO)
- NMDC Limited
- Shipping Corporation of India Limited
- Rail Vikas Nigam Limited (RVNL)
- Engineers India Limited (EIL)
- Container Corporation of India Limited (CONCOR)
- RITES, IRCON, ONGC Videsh Ltd, Mazagon Dock Shipbuilders Limited, and more.
The Bigger Picture: Strengthening India’s CPSEs
The Department of Public Enterprises (DPE) plays a crucial role in policy formulation and governance of CPSEs, ensuring that these companies contribute effectively to India’s economic growth and infrastructure development.
The addition of IRCTC and IRFC to the Navratna list will further strengthen the Indian Railways sector, promoting financial independence, modernization, and enhanced customer services.
With greater investment freedom, these companies can now focus on expanding railway operations, upgrading technology, and improving passenger services, aligning with India’s goal of becoming a global leader in transportation and logistics.
Tags:
IRCTC, IRFC, Navratna status, Indian Railways, Public Sector Enterprises, CPSEs, Department of Public Enterprises, financial autonomy, railway modernization, infrastructure development