A state-owned enterprise in India is called a Public Sector Undertaking (PSU) (PSU) or a public sector enterprise. These companies are owned by the union government of India, or one of the many state or territorial governments, or both. The company stock needs to be majority-owned by the government to be a PSU.
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PSUs may be classified as Central Public Sector Enterprises (CPSEs), public sector banks (PSBs) or State Level Public Enterprises (SLPEs).
Various PSUs have been awarded additional financial autonomy. These companies are “public sector companies that have comparative advantages”, giving them greater autonomy to compete in the global market so as to “support [them] in their drive to become global giants”. Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997. Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.
In 2010, the government established the higher Maharatna category, which raises a company’s investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore. The Maharatna firms can now decide on investments of up to 15 per cent of their net worth in a project while the Navaratna companies could invest up to Rs 1,000 crore without explicit government approval. Two categories of “Miniratnas” afford less extensive financial autonomy.
List of Maharatna
List of Navratna
List of Miniratna-I
List of Miniratna-II
|Maharatna||Navratna||Miniratna Category-I||Miniratna Category-II|
|Eligibility||Three years with an average annual net profit of over Rs. 2500 crore (earlier was 5,000 Cr), ORAverage annual Net worth of Rs. 10,000 crore for 3 years (earlier was 15,000 Cr), OR Average annual Turnover of Rs. 20,000 crore for 3 years (earlier was 25,000 Cr)||A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, total cost of production, cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes), capital employed, etc., ANDA company must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.||Have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years||Have made profits continuously for the last three years and should have a positive net worth.|