The government has accorded Navratna status to the Indian Railway Finance Corporation (IRFC) and the Indian Railway Catering and Tourism Corporation (IRCTC). The IRFC is a Central Public Sector Enterprise of the Ministry of Railways with an annual turnover of over 26,000 crore rupees.
The IRCTC is also a Central Public Sector Enterprise of the Ministry of Railways with an annual turnover of over 4,000 crore rupees. With this, all seven railway CPSEs have received Navratna status.
The other five CPSEs which have already been accorded Navratna status are CONCOR, RVNL, IRCON, RITES, and RailTel. Talking to the media in New Delhi, Minister of Railways Ashwini Vaishnaw said that this is a very big achievement.
It reflects Prime Minister Narendra Modi’s focused attention towards transforming railways. He said that Navratna status means that the organisation is strong and will contribute more to the growth of railways.