The state-owned railway company Rail Vikas Nigam Limited (RVNL) was in focus as the Indian Government upgraded its status to a ‘Navratna’ Central Public Sector Enterprise (CPSE) from a ‘Miniratna’ category. The decision to upgrade RVNL was approved by the Finance Minister and is set to take effect from April 26, 2023.
RVNL is a mid-cap company under the Ministry of Railways, with an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the year 2021-22. This makes it the 13th Navratna company among the CPSEs in India.
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Navratna is a status conferred upon a select group of CPSEs in India by the Government of India. The term ‘Navratna’ means ‘Nine Jewels’ and refers to the nine precious gemstones that were considered to be of the highest value in ancient Indian mythology.
Navratna CPSEs are companies that are well-established, profitable, and have a significant impact on the Indian economy. They are given more autonomy in decision-making and have greater financial powers than other CPSEs.
The Navratna status is conferred upon CPSEs based on their performance in various areas such as net worth, profitability, turnover, and other operational and financial parameters. The status is reviewed periodically, and CPSEs can lose or gain their Navratna status based on their performance.
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