New Delhi: To boost India’s railway sector, the Indian Railway Catering and Tourism Corporation (IRCTC) and the Indian Railway Finance Corporation (IRFC) have been upgraded to Navratna Central Public Sector Enterprises (CPSEs) by the Government of India.
The announcement, made on 3 March, by Union Minister Ashwini Vaishnaw, marks a key milestone, positioning IRCTC and IRFC among the country’s top-performing public sector enterprises.
With this elevation, IRCTC and IRFC have become the 25th and 26th entities to attain Navratna status. This designation grants them greater financial independence, enabling each company to invest up to Rs 1,000 crore without prior government approval. The move is expected to accelerate decision-making processes and enhance operational efficiency.
The Indian government classifies CPSEs into three categories—Maharatna, Navratna, and Miniratna—based on their financial strength and strategic importance. The Navratna upgrade aligns with the government’s broader goal of fostering competitiveness and efficiency within the public sector.
Established in 1986, IRFC plays a crucial role in securing financial resources for the Indian Railways, supporting its infrastructure development and modernization efforts. On the other hand, IRCTC, founded in 1999, is responsible for managing online ticketing, catering, and tourism services for the railway network.
The recognition of IRCTC and IRFC as Navratna companies underscores their contribution to the rail sector and positions them for further growth in India’s evolving infrastructure landscape.
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