IRCTC and IRFC: New Navratna Enterprises

The government has upgraded IRCTC and IRFC to Navratna CPSE status, joining seven listed railway PSUs. Navratna status provides greater operational autonomy, fostering faster decision-making and heightened efficiency. The upgrade highlights substantial growth, marking an impressive rise in railway sector financial metrics and market capitalization.

The Indian government has announced that the Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) have been upgraded to Navratna Central Public Sector Enterprises (CPSE) status. This move brings all seven listed railway public sector units (PSUs) to this prestigious level, according to an official statement released on Monday.

IRCTC, known for providing online railway ticket and catering services, reported an annual turnover of Rs 4,270.18 crore, with a profit after tax (PAT) of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore for the fiscal year 2023-24. Meanwhile, IRFC, responsible for securing extra budgetary resources for the Indian Railways, boasted a turnover of Rs 26,644 crore, a PAT of Rs 6,412 crore, and a net worth of Rs 49,178 crore for the same period.

Railway Minister Ashwini Vaishnaw praised both entities on the social media platform X, highlighting that under his leadership, six CPSEs, including RVNL, IRCON, RITES, RailTel, IRCTC, and IRFC, achieved Navratna status. This recognition is expected to provide greater financial and operational autonomy, enhance decision-making efficiencies, and empower these corporations.