Elevating IRCTC and IRFC: The Navratna Boost

IRCTC and IRFC have been granted Navratna status, which is expected to boost market perception, stakeholder confidence, and employee morale. This elevation comes amid strong financial growth and is expected to enhance transparency and accountability, according to Railway Minister Ashwini Vaishnaw.

The Indian government has awarded Navratna status to the Indian Railways Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC), a move anticipated to uplift market image, stakeholder confidence, and employee morale.

In response to Congress MP Vijay Vasanth's inquiries regarding the financial performance of these entities, the Railway Minister, Ashwini Vaishnaw, stated that IRCTC and IRFC have demonstrated significant growth rates with a CAGR of over 17% and 14% in revenue from operations, respectively.

The Navratna recognition will enable better employee incentives through increased allowances and welfare schemes, thereby attracting and retaining skilled manpower while ensuring high governance standards, said Vaishnaw.

(With inputs from agencies.)