True Gems of Indian Economic Liberalization – Maharatna, Navratna And Miniratna Public Sectors
Public sector enterprises or public sector undertakings have been the backbone of Indian Economy since the time of independence. With support from the Government of India, these companies have been involved in various industrial activities, manufacturing and producing various products, raw materials and offering numerous other services for the benefit of the citizens of India. These industries have been related to core sectors like Mining, Oil and Natural Gas, Electrical Power Generation and Distribution, Telecommunication, Iron and Steel, Heavy Water Resources, as well as industries in other verticals like fertilizers and Petro-Chemicals.
Many of these industrial units and organisations have been operating since the last 4 or 5 decades and have provided employment opportunities to millions of people as a gross estimation. But their primary contributions have been in the form of providing industrial components and services for the service and associated benefits of the common man. In an indirect sense, every small thing that is necessary for the smooth running of the country is dependent on these industries. The government is also able to earn revenues in terms of functioning of these companies. Importance of such organisations is almost indescribable and to honour such contributions, the Government of India confers special status to some of these industrial organisations, so that they can charter their path of progress towards growth and prosperity.
Public Sector Undertakings or PSUs are broadly segregated into three categories:
- Miniratna CPSEs
And these Miniratna Companies are further classified under two broad categories:
- Category I
- Category II
In Indian Vedic verses “Ratna” is denominated as treasured gems and precious stones. Symbolically, the terms Maharatna, Navratna and Miniratnas are supposed to stand for such combination of gems and precious stones in the hierarchical order. The Maharatna (Maha=Vast and Ratna=Gemstone), the Navratna (Nav=Nine and Ratna=Gemstone) and the Miniratna (Mini=Small and Ratna=Gemstone) are symbolically are segregation of companies on the basis of their expansion and market value. It is of great importance for the companies to be inducted into the list of Ratnas in the country, because it gave them a different status and level in the society and among the other private and public undertakings. As does the symbolism stand for the Ratnas, the names and statuses of different Ratnas, give the companies a separate identification. But their significance is equalled to their being important in the country’s economy.
Presence of three different levels of recognition for the companies suggests that there must be some reasons for which a few select companies have been chosen to be granted such status of Maharatna, Navratna and Miniratna. To further understand the reasoning, it is important to clarify the criteria, according to which the different titles have been conferred on the companies.
In the year 2009, the government decided to establish the Maharatna status on companies so that they could raise their investment ceilings from Rs.1000 Crores to Rs.5,000 Crores and this can be done without approval of the government. At that time, only 6 companies with sufficient turnover and net worth were granted the Maharatna status. That helped them with a greater power of autonomy in the functioning of those particular companies.
Presently to be eligible for the MAHARATNA status, there are certain criteria to be fulfilled by a specific company:
- The company should already have a Navratna status
- It should have an Indian Stock Exchange listing with the requisite public shareholding as laid down by regulations of SEBI.
- Annual turnover should be on an average more than Rs 20,000 Crores if the last 3 years are taking into account.
- Net worth of the company should be more than Rs 10,000 Crores for 3 previous years.
- Average profit annually should be more than Rs 2,500 Crores after Tax since the last 3 years.
- International operations and global presence should be of significant value and worth.
Under the Maharatna status, companies can incur an expenditure on purchasing new products or go for replacement without any monetary ceiling. Procedure of granting Maharatna status is to be initiated by concerned administrative ministries or departments and the final decision is taken by inter-ministerial committee with initiative of the Department of Public Enterprises.
Powers that would be delegated to the boards of the companies, which are being granted the Maharatna status, would be its management by a restructured board and for the purpose, the Department of Public Enterprises, lays down certain rules and directions.
In 1997, the Government of India conferred Navratna status to 9 public sector enterprises giving them the comparative advantage of autonomy, so that they could compete with companies on a global scale. Since then, a few more companies have been added to the list increasing the total number of Navratna companies to about 16. The Navratna status was initiated much before the Miniratna and Maharatna status were mooted and hence the government has its own set of policy rules and guide.
In order to make the public sector undertakings more competitive and efficient as a policy objective, it was decided by the government to allow increased autonomy and transferring of power to the profitable enterprises. For the purpose, the companies had to fulfil certain eligibility criteria and adhere to guidelines in order to get the Miniratna status.
Under the policy, there would be two broad categories, each with its set of eligibility conditions:
Category I –
- The public enterprises should have a profit turnover in the last three years or should have Pre-Tax Profit of more than Rs.30 Crores in any one of the three years and the net worth should be on a positive side.
- These companies can make an expenditure on purchase, modernisation or start new projects within the limit of their net worth or Rs.300 Crores, whichever is lower, without the approval of the government.
Category II –
- The public enterprises should have a positive net worth and they should have made profits in the last 3 years.
- Such companies can make an expenditure for purchase, modernisation or start new projects up to the limit of 50% of their net worth or Rs.150 Crores, whichever is lower, without approval from the government.
For both the categories, there are other rules and regulations laid down by the government related to joint venture, partnerships, administration, etc.
Recruitment Opportunities in Ratna Companies:
Every year thousands of vacancies are being filled up by such ratna certified companies and each one demands the best from the available category of qualified professional. With such a demeanour, the competition to find a secure profile of job with such a ratna company becomes much competitive one as there are more professionals and comparably lesser numbers of vacancies. Moreover, the branding of working with a PSU also energizes the people to go for such an opportunity and this is the reason why recruitment opportunities witness a positive shift with such ratna sector recruitment. Whether it is a Maharatna or a Navratna or even a Miniratna company, the allure of job always remains at the apex level from the perspective of a job seeker.
Whatever is the status conferred to the public sector enterprise under the Ratna status, one very common agenda come out of such commands. This not only helps in recognizing company in a global arena, it also salutes to the endeavours of those thousands and thousands of employees who work with such an establishment from the grass-root level to the apex board, and make such a huge progress for the country. The status is just not another recognition that a company strives for, and every company strives hard to get up to the next levels of Ratna status with more determined work accepting the global challenge of competition.
List of Maharatna, Navratna and Miniratna Central Public Sector Enterprises: Maharatna, Navratna and Miniratna Companies In India
Coal India Limited
Indian Oil Corporation Limited
Oil & Natural Gas Corporation Limited
Steel Authority of India Limited
Bharat Electronics Limited
Bharat Heavy Electrical Limited
Bharat Petroleum Corporation Limited
GAIL (India) Limited
Hindustan Aeronautics Limited
Hindustan Petroleum Corporation Limited
Mahanagar Telephone Nigam Limited
National Aluminium Company Limited
Neyveli Lignite Corporation Limited
Oil India Limited
Power Finance Corporation Limited
Power Grid Corporation of India Limited
Rashtriya Ispat Nigam Limited
Rural Electrification Corporation Limited
Shipping Corporation of India Limited
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Airports Authority of India
Antrix Corporation Limited
Balmer Lawrie & Co. Limited
Bharat Dynamics Limited
Bharat Sanchar Nigam Limited
Bridge & Roof Company (India) Limited
Central Warehousing Corporation
Central Coalfields Limited
Chennai Petroleum Corporation Limited
Cochin Shipyard Limited
Container Corporation of India Limited
Dredging Corporation of India Limited
Engineers India Limited
Ennore Port Limited
Garden Reach Shipbuilders & Engineers Limited
Goa Shipyard Limited
Hindustan Copper Limited
HLL Lifecare Limited
Hindustan Newsprint Limited
Hindustan Paper Corporation Limited
Housing & Urban Development Corporation Limited
India Tourism Development Corporation Limited
Indian Railway Catering & Tourism Corporation Limited
IRCON International Limited
Mazagaon Dock Limited
Mahanadi Coalfields Limited
Manganese Ore (India) Limited
Mangalore Refinery & Petrochemical Limited
Mishra Dhatu Nigam Limited
National Fertilizers Limited
National Seeds Corporation Limited
Northern Coalfields Limited
Numaligarh Refinery Limited
ONGC Videsh Limited
Pawan Hans Helicopters Limited
Projects & Development India Limited
Railtel Corporation of India Limited
Rashtriya Chemicals & Fertilizers Limited
Security Printing and Minting Corporation of India Limited
South Eastern Coalfields Limited
State Trading Corporation of India Limited
Telecommunications Consultants India Limited
THDC India Limited
Western Coalfields Limited
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Bharat Pumps & Compressors Limited
Broadcast Engineering Consultants (I) Limited
Central Mine Planning & Design Institute Limited
Ed.CIL (India) Limited
Engineering Projects (India) Limited
FCI Aravali Gypsum & Minerals India Limited
Ferro Scrap Nigam Limited
HMT (International) Limited
HSCC (India) Limited
India Trade Promotion Organisation
Indian Medicines & Pharmaceuticals Corporation Limited
M E C O N Limited
National Film Development Corporation Limited
National Small Industries Corporation Limited
P E C Limited
Rajasthan Electronics & Instruments Limited