Public Sector Undertakings (PSUs) are public sector companies, which are established and owned by the Government of India or State governments of India. The public sector undertakings are established either by nationalisation or an executive order in case of union government and state government or act of parliament with the purpose to earn profit for the government, control monopoly of the private sector entities, offer products & services at an affordable price to the citizens, implementation of government schemes and to deliver products & services to remote locations of the country.

PSUs are also called government-owned enterprises or government-owned corporations or statutory corporations or nationalised corporations. These establishments are wholly or partly owned by the Government of India and/or one of the many state governments of India. Central Public Sector Undertakings (CPSUs) are wholly or partly owned by the Government of India, while State Public Sector Undertakings (SPSUs) are wholly or partly owned by state or territorial governments.[1]

In 1951, there were five PSUs under the ownership of government sector in India. By March 2021, the number of such government entities had increased to 365.[2] These government entities represented a total investment of about 16.41 lakh crore as of 31 March 2019. Their total paid-up capital as of 31 March 2019 stood at about ₹200.76 lakh crore. CPSEs have earned a revenue of about ₹24.43 lakh crore + 1 lakh crore during the financial year 2018–19.[2]


Further information: Economic history of India

When India achieved independence in 1947, it was primarily an agrarian entity, with a weak industrial base. There were only eighteen state-owned Indian Ordnance Factories, previously established to reduce the dependency of the British Indian Army on imported arms.[3]

The British Raj had previously elected to leave agricultural production to the Private sector, with tea processing firms, Jute mills (such as the Acland Mill), railways, electricity utilities, banks, coal mines, and steel mills being just some of the economic entities largely owned by private individuals like the industrialist Jamsetji Tata. Other entities were listed on the Bombay Stock Exchange.[4]

Critics of private ownership of India's agricultural and industrial entities—most notably Mahatma Gandhi's independence movement—instead advocated for a self-sufficient, largely agrarian, communal village-based existence for India in the first half of the 20th century.[5][6] Other contemporary criticisms of India's public sector targeted the lack of well-funded schools, public libraries, universities, hospitals and medical and engineering colleges; a lack seen as impeding an Indian replication of Britain's own industrialization in the previous century.[7][8][9][10][11]

Post-Independence, the national consensus turned in favor of rapid industrialisation of the economy, a process seen as the key to economic development, improved living standards and economic sovereignty.[12] Building upon the Bombay Plan, which noted the necessity of government intervention and regulation in the economy, the first Industrial Policy Resolution announced in 1948 laid down in broad strokes such a strategy of industrial development. Later, the Planning Commission was formed by a cabinet resolution in March 1950 and the Industrial (Development and Regulation) Act was enacted in 1951 with the objective of empowering the government to take necessary steps to regulate industry.[13]

The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy.[14] He believed that the establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy. India's second five year plan (1956–60) and the Industrial Policy Resolution of 1956 emphasized the development of public sector enterprises to meet Nehru's national industrialisation policy. His vision was carried forward by Dr. V. Krishnamurthy, a figure known as the "Father of Public sector undertakings in India". Indian statistician Prasanta Chandra Mahalanobis was instrumental to its formulation, which was later termed the Feldman–Mahalanobis model.[15][16]

In 1969, Indira Gandhi's government nationalised fourteen of India's largest private banks, and an additional six in 1980. This government-led industrial policy, with corresponding restrictions on private enterprise, was the dominant pattern of Indian economic development until the 1991 Indian economic crisis.[13] After the crisis, the government began divesting its ownership of several PSUs to raise capital and privatize companies facing poor financial performance and low efficiency.[17][18]


The public sector undertakings are headed by the head of board of directors also known as chairperson cum managing director cum chief executive officer and a vice chairperson cum deputy managing director cum co-chief executive officer along with the members of the board of directors also known as executive director cum c-level officer who are Group 'A' gazetted officers appointed by the President of India in case of central public sector undertakings, its subsidiaries & its divisions and appointed by the Governor of States of India in case of state public sector undertakings, its subsidiaries & its divisions. The officers and employees working for public sector undertakings, subsidiaries of public sector undertakings and divisions of public sector undertakings are also classified as gazetted officers and full-fledged government employees.

All of the public sector undertakings have been awarded additional financial autonomy. Public Sector Undertakings are government establishments 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".[19] Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997.[20] Originally, the term Navaratna meant a talisman composed of nine precious gems. Later, this term was adopted in the courts of the Gupta emperor Vikramaditya and Mughal emperor Akbar, as the collective name for nine extraordinary courtiers at their respective courts.

In 2010, the central government established the higher Maharatna category, which raises a public sector unit's investment ceiling from ₹1,000 crore to ₹5,000 crores.[21] The Maharatna public sector units 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 ₹1,000 crore without explicit government approval. Two categories of Miniratnas afford less extensive financial autonomy.

Guidelines for awarding Ratna[22] status are as follows:

Category Eligibility Benefits for investment
Maharatna Three years with an average annual net profit of over ₹2,500 crores, OR

The average annual Net worth of ₹10,000 crores for 3 years, OR

Average annual Turnover of ₹20,000 crore for 3 years (against Rs 25,000 crore prescribed earlier)[23]

₹1,000 crore – ₹5,000 crores, or free to decide on investments up to 15% of their net worth in a project
Navaratna A score of 60 (out of 100), based on six parameters which include net profit, net worth, total manpower cost, the total cost of production, cost of services,  PBDIT (Profit Before Depreciation, Interest, and Taxes), capital employed, etc., AND

A PSU must first be a Miniratna and have 4 independent directors on its board before it can be made a Navratna.

up to ₹1,000 crore or 15% of their net worth on a single project or 30% of their net worth in the whole year (not exceeding ₹1,000 crores).
Miniratna Category-I Have made profits continuously for the last three years or earned a net profit of ₹30 crores or more in one of the three years up to ₹500 crore or equal to their net worth, whichever is lower.
Miniratna Category-II Have made profits continuously for the last three years and should have a positive net worth. up to ₹300 crores or up to 50% of their net worth, whichever is lower.

PSUs in India are also categorized based on their special non-financial objectives and are registered under Section 8 of Companies Act, 2013 (erstwhile Section 25 of Companies Act, 1956).

Top profit making Central PSUs

Top Profit Making CPSEs in Financial Year 2021–22[24]
S. No. CPSE Name Net Profit (₹ crore) Share (%)
1 Oil and Natural Gas Corporation Limited (ONGC) 40,305 15.27
2 Indian Oil Corporation Limited (IOCL) 24,184 9.16
3 Power Grid Corporation of India (PGCIL) 17,074 6.48
4 National Thermal Power Corporation (NTPC) 16,111 6.11
5 Steel Authority of India Limited (SAIL) 12,015 4.55
6 Coal India Limited (CIL) 11,202 4.24
7 Gas Authority of India Limited (GAIL) 10,364 3.93
8 Rural Electrification Corporation (REC) 10,046 3.81
9 Power Finance Corporation Limited (PFCL) 10,022 3.80
10 National Mineral Development Corporation Limited (NMDC) 9,398 3.56
Total (1-10) 1,60,742 60.91
Other CPSEs 1,03,153 39.09
Aggregated profit of profit-making CPSEs 2,63,895 100

Top loss making Central PSUs

Top Loss Making CPSEs in Financial Year 2021-22[24]
S. No. CPSE Name Net Loss (₹ crore) Share (%)
1 Bharat Sanchar Nigam Limited (BSNL) 15,500 34.6
2 Mahanagar Telephone Nigam Limited (MTNL) 3,696 8.2
3 Bharat Petro Resources Ltd (BPRL) 915 2.0
4 Hindustan Copper Ltd (HCL) 569 1.3
Other CPSEs 4,094 9.1
Aggregate loss of loss-making CPSEs 44,817 100

List of Central PSUs

Main article: List of public sector undertakings in India

Public Sector Units (PSUs) can be classified as Central Public Sector Enterprises (CPSEs), Public Sector Banks (PSBs), or State Level Public Enterprises (SLPEs). CPSEs are administered by the Ministry of Heavy Industries and Public Enterprises. The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Enterprises (CPSEs).

As of October 2021, there are 13 Maharatnas, 13 Navratnas and 72 Miniratnas (divided into Category 1 and Category 2).[25][26]

List of Maharatna CPSUs

  1. Oil and Natural Gas Corporation (ONGC)
  2. Bharat Heavy Electricals Limited (BHEL)
  3. Bharat Petroleum Corporation Limited (BPCL)
  4. Coal India Limited (CIL)
  5. Gas Authority of India Limited (GAIL)
  6. Hindustan Petroleum Corporation Limited (HPCL)
  7. Indian Oil Corporation Limited (IOCL)
  8. National Thermal Power Corporation (NTPC)
  9. Power Grid Corporation of India(PGCIL)
  10. Power Finance Corporation Limited (PFCL)
  11. Rural Electrification Corporation Limited (REC)
  12. Steel Authority of India Limited (SAIL)[27]
  13. Oil India Limited (OIL)

List of Navratna CPSUs

  1. Bharat Electronics Limited (BEL)
  2. Container Corporation of India (CONCOR)
  3. Engineers India Limited (EIL)
  4. Hindustan Aeronautics Limited (HAL)
  5. Mahanagar Telephone Nigam Limited (MTNL)
  6. National Aluminium Company (NALCO)
  7. National Buildings Construction Corporation (NBCC)
  8. National Mineral Development Corporation (NMDC)
  9. NLC India Limited (Neyveli Lignite)
  10. Rashtriya Ispat Nigam Limited (RINL)
  11. Shipping Corporation of India (SCI)
  12. Rail Vikas Nigam Limited (RVNL)
  13. ONGC Videsh Limited

List of Miniratna CPSUs

Miniratna Category-I (61)
  1. Airports Authority of India (AAI)
  2. ONGC Videsh Limited
  3. Antrix Corporation
  4. Balmer Lawrie
  5. Braithwaite & Co.
  6. Bharat Coking Coal Limited (BCCL)
  7. Bharat Dynamics Limited (BDL)
  8. Bharat Earth Movers Limited (BEML)
  9. Bharat Sanchar Nigam Limited (BSNL)
  10. Bridge and Roof Company (India)
  11. Central Electronics Limited
  12. Central Warehousing Corporation
  13. Central Coalfields Limited
  14. Central Mine Planning & Design Institute Limited
  15. Chennai Petroleum Corporation (CPCL)
  16. Cochin Shipyard (CSL)
  17. Cotton Corporation of India Limited (CCIL)
  18. EdCIL (India) Limited
  19. Garden Reach Shipbuilders & Engineers (GRSE)
  20. Goa Shipyard (GSL)
  21. Hindustan Copper (HCL)
  22. HLL Lifecare
  23. Hindustan Newsprint
  24. Hindustan Paper Corporation Limited
  25. Hindustan Steelworks Construction Ltd.
  26. Housing and Urban Development Corporation (HUDCO)
  27. HSCC India Limited
  28. Indian Tourism Development Corporation (ITDC)
  29. Indian Rare Earths
  30. Indian Railway Catering and Tourism Corporation (IRCTC)
  31. Indian Railway Finance Corporation
  32. Indian Renewable Energy Development Agency Limited
  33. India Trade Promotion Organisation (ITPO)
  34. Ircon International
  35. Kudremukh Iron Ore Company (KIOCL)
  36. Mazagon Dock Limited
  37. Mahanadi Coalfields (MCL)
  38. MOIL Limited
  39. Mangalore Refinery and Petrochemicals Limited (MRPL)
  40. Mineral Exploration Corporation Limited
  41. Mishra Dhatu Nigam
  42. MMTC Ltd.
  43. MSTC Limited
  44. National Fertilizers (NFL)
  45. National Projects Construction Corporation
  46. National Small Industries Corporation
  47. National Seed Corporation (NSC)
  48. NHPC Limited
  49. Northern Coalfields (NCL)
  50. North Eastern Electric Power Corporation Limited (NEEPCL)
  51. Numaligarh Refinery
  52. Pawan Hans Helicopters Limited
  53. Projects and Development India Limited (PDIL)
  54. RailTel Corporation of India
  55. Rashtriya Chemicals & Fertilizers (RCF)
  56. RITES
  57. SJVN Limited
  58. Security Printing and Minting Corporation of India
  59. Solar Energy Corporation of India
  60. South Eastern Coalfields (SECL)
  61. Telecommunications Consultants India (TCIL)
  62. THDC India Limited
  63. Western Coalfields (WCL)
  64. WAPCOS Limited
Miniratna Category-II (12)
  1. Artificial Limbs Manufacturing Corporation of India
  2. Bharat Pumps & Compressors
  3. Broadcast Engineering Consultants India Limited
  4. Central Railside Warehouse Company Limited
  5. Engineering Projects (India) Limited
  6. FCI Aravali Gypsum and Minerals (India) Limited
  7. Ferro Scrap Nigam Limited
  8. HMT International Limited
  9. Indian Medicines Pharmaceutical Corporation Limited
  10. MECON
  11. National Film Development Corporation of India (NFDC)
  12. Rajasthan Electronics and Instruments Limited

List of other CPSEs

  1. Agrinnovate India Ltd.
  2. AFC India Limited
  3. Amul (Anand Milk Union Limited)
  4. Anushakti Vidhyut Nigam Limited
  5. Aravali Power Company Private Limited (APCPL) Jharli, Jhajjar
  6. Bengal Chemicals and Pharmaceuticals Limited
  7. Bengal Immunity Limited
  8. Biotechnology Industry Research Assistance Council (BIRAC)
  9. Bird Group of Companies
  10. Bharat Broadband Network (BBNL)
  11. Bharat Gold Mines Limited
  12. Bharat Wagon and Engineering
  13. Bharat Immunologicals and Biologicals Corporation
  14. Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL)
  15. Brahmaputra Cracker and Polymer Limited
  16. BrahMos Aerospace
  18. Biotech Consortium India Limited
  19. BHEL Electrical Machines Ltd. (EML)
  20. Bhor Sagar Port Limited
  21. BEML Midwest ltd.
  22. Convergence Energy Services Limited
  23. CSC e-Governance Services India Limited
  24. Cement Corporation of India
  25. Central Inland Water Transport Corporation Limited (CIWTC)
  26. Certification Engineers International Limited
  27. City and Industrial Development Corporation
  28. Chenab Valley Power Projects
  29. Damodar Valley Corporation (DVC)
  30. Dedicated Freight Corridor Corporation of India
  31. Delhi Metro Rail Corporation (DMRC)
  32. Deposit Insurance and Credit Guarantee Corporation
  33. Digital India Corporation
  34. Dredging Corporation of India
  35. Electronics Corporation of India Limited (ECIL)
  36. Employees State Insurance Corporation (ESIC)
  37. Energy Efficiency Services Limited (EESL)
  38. Export Credit Guarantee Corporation of India
  39. Fresh & Healthy Enterprises Limited
  40. Fertilizer Corporation of India
  41. Fertilisers and Chemicals Travancore Limited
  42. Food Corporation of India (FCI)
  43. Green Gas Limited
  44. Government e Marketplace
  45. Hemisphere Properties India Limited
  46. Hindustan Antibiotics Limited
  47. Hindustan Insecticides Limited
  48. Hindustan Organic Chemicals Limited (HOCL)
  49. Hindustan Fertilizers Corporation Limited (HFCL)
  50. Hindustan Prefab Limited
  51. Hindustan Salts Limited
  52. Hindustan Urvarak & Rasayan Limited(HURL)
  53. Hindustan Vegetable Oils Corporation
  54. Hindustan Teleprinters Limited (HTL)
  55. HSCC (India) Limitred
  56. Hotel Corporation of India Limited (HCIL)
  57. Jal Power Corporation Ltd.
  58. Jute Corporation of India
  59. Karnataka Soaps and Detergents Limited
  60. Khadi Natural
  61. Khanij Bidesh India Ltd.
  62. Life Spring Hospitals (P) Ltd.
  63. Kolkata Metro Rail Corporation
  64. Konkan Railway Corporation
  65. Konkan LNG
  66. Krishnapatnam Railway Company Limited
  67. Karnataka Vijayanagar Steel Limited, NMDC Steel
  68. Madras Fertilizers
  69. Mahanagar Gas
  70. Millennium Telecom Ltd.
  71. Metal & Steel Factory
  72. Meja Urja Nigam Private Limited (MUNPL)
  73. Mudra Bank
  74. National Capital Region Transport Corporation
  75. National Dairy Development Board
  76. National Highways and Infrastructure Development Corporation Limited
  77. National Highways Logistics Management Company
  78. National Projects Construction Corporation Ltd (NPCC)
  79. National Payments Corporation of India (NPCI)
  80. National Land Monetisation Corporation (NLMC)
  81. National Informatics Centre Services Inc. (NIC)
  82. National Industrial Corridor Development Corporation Limited
  83. Narmada Hydroelectric Development Corporation
  84. National High Power Test Laboratory(NHTPL)
  85. National Textile Corporation
  86. Neelachal Ispat Nigam Limited
  87. Orissa Drugs & Chemicals Ltd.(ODCL)
  88. Bharat Refractories Limited, Bokaro
  89. NewSpace India Limited
  90. NEPA Mills Ltd.
  91. NSEIT
  92. NSPCL (NTPC-SAIL Power Company Limited)
  93. Open Network for Digital Commerce
  94. IndiaFirst Life Insurance Company
  95. Infrastructure Development Finance Company (IDFC Limited)
  96. Industrial Finance Corporation of India Limited
  97. Indian Dairy Machinery Company Ltd. (IDMC)
  98. India Debt Resolution Company Limited (IDRCL)
  99. IHB Limited (a joint venture of IOCL, HPCL & BPCL)
  100. Indian Financial Technology and Allied Services
  101. Indian Highway Management Company Limited (IHMCL)
  102. Indian Vaccine Corporation Limited
  103. Indian Medicine Pharmaceutical Corporation Ltd.
  104. Indian Immunologicals Limited
  105. India Infrastructure Finance Company Limited (IIFCL)
  106. Indian Port Rail Corporation Limited(IPRCL)
  107. India Ports Global Limited
  108. Indraprastha Gas Limited
  109. Indradhanush Gas Grid Limited (IGGL)
  110. Infrastructure Leasing & Financial Services
  111. India SME Asset Reconstruction Company Limited
  112. Indian Potash Limited
  113. Indian Strategic Petroleum Reserves Ltd
  114. Inland & Coastal Shipping Ltd.
  115. Inland Waterways Authority of India
  116. Instrumentation Limited
  117. Intelligent Communication Systems India Limited (ICSIL)
  118. Irrigation and Water Resources Finance Corporation Limited
  119. Petronet LNG
  120. Pipavav Railway Corporation Ltd. (PRCL)
  121. Power System Operation Corporation
  122. Prize Petroleum Company Limited
  123. Protean eGov Technologies Ltd. (Formerly NSDL e-Governance Infrastructure Limited)
  124. PTC India (formerly Power Trading Corporation India Limited)
  125. Punjab Logistics Infrastructure Limited
  126. Railway Energy Management Company Limited (REMCL)
  127. Rajasthan Drugs & Pharmaceuticals Limited(RDPL)
  128. Ramagundam Fertilizers and Chemicals Limited
  129. Ratnagiri Gas and Power
  130. Receivables Exchange of India Ltd (RXIL)
  131. Ropeways and Rapid Transport System Development Corporation
  132. Sagarmala Development Company
  133. SIDCUL CONCOR Infra Compny Limited
  134. Semiconductor Complex Limited
  135. Smith Stanisteet Pharmaceuticals Limited
  136. sethusamudram corporation limited
  137. Sponge Iron India Ltd (SIIL)
  138. STCI Finance Limited
  139. State Farms Corporation of India
  140. Tourism Finance Corporation Of India Ltd.
  141. Tusco Limited.
  142. Talcher Fertilizers Limited.
  143. Urban Mass Transit Company
  144. UTI Infrastructure Technology and Services Limited (UTIITSL)
  145. Triveni Structurals Limited
  146. Utkarsha Aluminium Dhatu Nigam Limited
  147. UV Asset Reconstruction Company Limited

List of Defense PSUs

  1. Armoured Vehicles Nigam Limited
  2. Advanced Weapons and Equipment India Limited
  3. Gliders India Limited
  4. India Optel Limited
  5. Munitions India Limited
  6. Troop Comforts Limited
  7. Yantra India Limited
  8. Indo-Russia Rifles (IRRPL)

List of CPSUs privatized

List of Central PSUs (Financial Services)

Main article: Public sector banks in India

Nationalised banks

Currently there are 12 Nationalised Banks in India (Government Shareholding power is denoted in %, as of 30 October 2022):

Regional rural banks

Currently there are 43 Regional Rural Banks in India, as of 1 April 2020:[30]

Andhra Pradesh

Arunachal Pradesh






Himachal Pradesh

Jammu and Kashmir




Madhya Pradesh










Tamil Nadu



Uttar Pradesh


West Bengal

Nationalized insurance companies

Currently there are 7 Nationalized Insurance Companies (Government Shareholding power denoted in %, as of 1 April 2020):

Nationalized Market exchanges

Currently there are 28 Nationalized Financial Market Exchanges in India:

List of State PSUs


Main article: List of agencies of the government of Gujarat



Main article: Public sector undertakings in Kerala

Tamil Nadu

Main article: List of agencies of the government of Tamil Nadu

Uttar Pradesh


See also


  2. ^ a b "Public Enterprises Survey 2019–20 | Department of Public Enterprises | MoHI&PE | GoI Page No. 1" (PDF). Retrieved 31 May 2020.
  3. ^ "Home | Ordnance Factory Board | Government of India".
  4. ^ "[IRFCA] Indian Railways FAQ: IR History: Early Days - 1". Retrieved 15 May 2021.
  5. ^ "Mahatma Gandhi believed in a self-sufficient village economy". Retrieved 15 May 2021.
  6. ^ Gosalia, Sushila (1 March 1979). "The Gandhian model of self-reliance in the Indian economy". Intereconomics. 14 (2): 80–83. doi:10.1007/BF02930202. hdl:10419/139599. ISSN 1613-964X. S2CID 56358907.
  7. ^ Mushtaq, Muhammad Umair (January 2009). "Public Health in British India: A Brief Account of the History of Medical Services and Disease Prevention in Colonial India". Indian Journal of Community Medicine. 34 (1): 6–14. doi:10.4103/0970-0218.45369. ISSN 0970-0218. PMC 2763662. PMID 19876448.
  8. ^ Amrith, Sunil S. (February 2009). "Health in India Since Independence" (PDF).
  9. ^ Chaudhary, Latika (March 2009). "Determinants of Primary Schooling in British India". The Journal of Economic History. 69 (1): 269–302. doi:10.1017/S0022050709000400. ISSN 0022-0507.
  10. ^ Chaudhary, Latika (1 May 2012). "Caste, Colonialism and Schooling: Education in British India". SSRN 2087140.
  11. ^ Odgers, George Allen (October 1925). "Education in British India". The Phi Delta Kappan. 8 (2): 1–6. JSTOR 20257440.
  12. ^ "Chapter 1, Industrial Policy Handbook" (PDF). Industrial Policy Handbook. Office of the Economic Adviser, Ministry of Commerce and Industry. p. 2. Archived from the original (PDF) on 28 May 2015. Retrieved 17 September 2015.
  13. ^ a b Jadhav, Narendra. "Industrial Policy since 1956" (PDF). Dr. Narendra Jadhav. Retrieved 17 September 2015.
  14. ^ Ghose, Shankar (1993). Jawaharlal Nehru. Allied Publishers. p. 243. ISBN 978-81-7023-369-5.
  15. ^ Ahluwalia, Isher J. (1993). Productivity and Growth in Indian Manufacturing, part of Recent Developments in Indian Economy: With Special Reference to Structural Reforms, Part 2. New Delhi: Academic Foundation. p. 25. ISBN 978-81-7188-094-2.
  16. ^ Baldev Raj Nayar, Globalization And Nationalism: The Changing Balance Of India's Economic Policy, 1950–2000 (New Delhi: Sage, 2001)
  17. ^ "Disinvestments-A Historical Perspective". Bombay Stock Exchange. Retrieved 19 September 2015.
  18. ^ Sankar, T.L.; Mishra, R.K.; Lateef Syed Mohammed, A. (1994). "Divestments in Public Enterprises: The Indian Experience". International Journal of Public Sector Management. 7 (2): 69–88. doi:10.1108/09513559410055242.
  19. ^ Original govt. announcement about the Navratnas 1997 Archived 9 February 2012 at the Wayback Machine
  20. ^ "Maharatnas, Navratnas: India's best PSUs!". Rediff.
  21. ^ "Maharatna status for mega PSUs gets nod". The Times of India. 25 December 2009. Retrieved 29 December 2009.
  22. ^ "". Retrieved 25 July 2016.
  23. ^[dead link]
  24. ^ a b "Public Enterprises Survey 2020–21 Volume 1" (PDF). Department of Public Enterprises | Ministry of Finance.
  25. ^ "List of Maharatna and Navratna companies in India". Dainik Jagran. 8 April 2021.
  26. ^ "List of Maharatna, Navratna and Miniratna CPSEs". Ministry of Finance. Retrieved 24 September 2021.
  27. ^ "PFC is 11th firm to join Maharatna CPSE club". Livemint. 12 October 2021. Retrieved 11 May 2022.
  28. ^ "Winners and losers of HZL privatisation". The Times of India. Archived from the original on 3 January 2013.
  29. ^ "Jessop and Co, one of India's oldest companies, faces closure".
  30. ^ "list of SCB".
  31. ^ a b Kumar, N. Ravi (10 May 2019). "Rural banks to be merged in TS, AP". The Hindu.
  32. ^ दैनिक जागरण: बैंकों का विलय: एक हुए UP के तीन बैंक, अब बड़ौदा यूपी बैंक नाम से जाने जाएंगे.