Centre grants Navratna status to IRCTC and IRFC.

Tags: Economy/Finance

Why in the news?

• The central government has awarded Navratna status to two public sector companies ,Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC).

Important points:

• With the latest addition, the country now has26 Navratna companies.
• IRCTC, a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, reported an annual turnover of Rs 4,270.18 crore in financial year 2023-24, a profit after tax of Rs 1,111.26 crore, and a net worth of Rs 3,229.97 crore.
• Similarly, IRFC, another CPSE under the Ministry of Railways, reported an annual turnover of Rs 26,644 crore, a profit after tax of Rs 6,412 crore, and a net worth of Rs 49,178 crore in FY 2023-24.
• Navratna status grants these companies greater operational and financial autonomy, allowing them to make investments of up to Rs 1,000 crore without needing central government approval.
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