Two Railway Companies Granted 'Navratna' Status

Government Approves Prestigious Recognition
The Indian government has granted 'Navratna' status to two key railway organizations—
1.    Indian Railway Catering and Tourism Corporation (IRCTC)
2.    Indian Railway Finance Corporation (IRFC)
Railway Minister Ashwini Vaishnaw congratulated both companies on achieving this significant milestone, emphasizing their operational efficiency and financial strength in the travel and tourism sector.

Significance of the Navratna Status
Navratna status is awarded to high-performing public sector enterprises (PSUs), granting them greater financial and operational autonomy.
Key Benefits of Navratna Status:
1.    Operational Independence:
o    Companies can now take independent investment decisions.
o    Allows them to compete with private sector firms more effectively.
2.    Global Expansion:
o    Can venture into international markets without requiring excessive government intervention.
o    Easier access to foreign collaborations and joint ventures.
3.    Stronger Market Position:
o    Recognized as a financially stable and trusted company in the stock market.
o    More attractive to investors, enhancing their financial growth and profitability.

About the Companies:
•    IRCTC: A subsidiary of the Railway Ministry, it operates the Indian railway ticketing system and catering services.
•    IRFC: Primarily responsible for funding Indian Railways' infrastructure projects.
This decision follows the recent Navratna status approvals for RITES and RailTel, further solidifying the railway sector’s growing prominence in India's economy.

A Major Boost for Indian Railways
The recognition of IRCTC and IRFC as Navratna companies aligns with Prime Minister Narendra Modi’s vision of railway modernization. It allows these companies to expand, innovate, and improve services while contributing to India’s economic growth.