New Delhi, March 3: The Government of India has granted Navratna status to Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), making them the 25th and 26th companies to achieve this prestigious designation. Union Railway Minister Ashwini Vaishnaw congratulated the teams of IRCTC and IRFC, calling this recognition a significant step in transforming the railway sector.
As per agency report, with this latest development, all seven listed Public Sector Undertakings (PSUs) under the Ministry of Railways have now received Navratna status. This includes CONCOR (July 2014), RVNL (May 2023), IRCON and RITES (October 2023), RailTel (August 2024), and now IRCTC and IRFC. The Railway Minister also expressed gratitude towards Prime Minister Narendra Modi and the Finance Ministry for their leadership and support in achieving this milestone.
IRCTC's Growth and Achievements
IRCTC, a Central Public Sector Enterprise (CPSE) under the Railway Ministry, has shown remarkable growth. In the financial year 2023-24, the company reported an annual revenue of ₹4,270.18 crore, a net profit of ₹1,111.26 crore, and a net worth of ₹3,229.97 crore. Established in 1999, IRCTC is now celebrating 25 years of excellence in catering, tourism, and online ticketing services, making it one of the most successful railway PSUs.
IRFC's Financial Strength
IRFC plays a crucial role in financing and modernizing Indian Railways. In FY 2023-24, the company recorded an annual turnover of ₹26,644 crore, a net profit of ₹6,412 crore, and a net worth of ₹49,178 crore. Established in 1986, IRFC has now become India’s third-largest government-owned NBFC, significantly contributing to railway infrastructure financing.
Benefits of Navratna Status
Attaining Navratna status provides IRCTC and IRFC with several key advantages, including:
- Financial Autonomy – The companies can now establish joint ventures and subsidiaries without requiring government approval.
- Operational Independence – They can make independent business and investment decisions to enhance efficiency.
- Global Expansion – Both companies can now enter international markets and form strategic alliances.
- Stronger Market Position – The recognition will boost investor confidence and financial stability, attracting more investments.
The elevation of IRCTC and IRFC to Navratna status is seen as a significant step towards enhancing Indian Railways' efficiency and supporting the vision of an Atmanirbhar Bharat. It reinforces the government’s commitment to modernizing rail infrastructure and expanding its global footprint.
