Ministry of Finance approves Navratna status to Rail Vikas Nigam

Tags: Economy/Finance National News

The Government of India upgraded the status of Rail Vikas Nigam Limited (RVNL) to 'Navratna' Central Public Sector Enterprise (CPSE).

An Overview of the News

• Prior to this upgrade, RVNL was earlier classified as a 'Miniratna' CPSE.

• The decision to upgrade RVNL was approved by the Finance Minister and is effective from April 26, 2023.

• RVNL is a mid-cap company under the Ministry of Railways.

• For the year 2021-22, RVNL has an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore.

• This upgrade makes RVNL the 13th Navratna company among CPSEs in India.

About Navratna CPSE

• It is a select group of public sector enterprises in India that have been granted greater autonomy in decision making and financial management by the government.

• The term "Navratna" means "Nine Gems" in Hindi and refers to the original nine CPSEs that were granted this status in 1997.

• Navratna CPSEs are also subject to certain obligations, such as achieving certain performance targets and maintaining minimum levels of public shareholding.

• Some examples of Navratna CPSEs include Bharat Electronics Limited, Hindustan Petroleum Corporation Limited and Power Grid Corporation of India Limited.

List of Navratna Companies in India 2023

1. Shipping Corporation of India Limited

2. Rashtriya Ispat Nigam Limited

3. Oil India Limited

4. NMDC Limited

5. Neyveli Lignite Corporation Limited

6. National Building Construction Corporation Limited

7. National Aluminum Company Limited

8. Mahanagar Telephone Nigam Limited

9. Hindustan Aeronautics Limited

10. Engineers India Limited

11. Container Corporation of India Limited

12. Bharat Electronics Limited