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Public Sector Undertakings in India

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Public Sector Undertakings (PSU) in India are government-owned entities in which at least 51% of stake is under the ownership of the Government of India or state governments.These type of firms can also be a joint venture of multiple PSUs. These entities perform commercial functions on behalf of the government.[1][2] Depending on the level of government ownership, PSUs are officially classified into two categories: Central Public Sector Undertakings (CPSUs), owned by the central government or other CPSUs; and State Public Sector Undertakings (SPSUs), owned by state governments. CPSU and SPSU is further classified into Strategic Sector and Non-Strategic Sector. Depending on their financial performance and progress, CPSUs are granted the status of Maharatna, Navaratna, and Miniratna (Category I and II).

Following India's independence in 1947, the limited pre-existing industries were insufficient for sustainable economic growth. The Industrial Policy Resolution of 1956, adopted during the Second Five-Year Plan, laid the framework for PSUs. The government initially prioritized strategic sectors, such as communication, irrigation, chemicals, and heavy industries, followed by the nationalisation of corporations. PSUs subsequently expanded into consumer goods production and service areas like contracting, consulting, and transportation. Their goals include increasing exports, reducing imports, fostering infrastructure development, driving economic growth, and generating job opportunities. Each PSU has its own recruitment rules and employment in PSUs is highly sought after in India due to high pay and its job security, with most preferring candidates with a GATE score.[3]

In 1951, there were five PSUs under the ownership of the government. By March 2021, the number of such government entities had increased to 365.[4] These government entities represented a total investment of about ₹16,410,000,000,000 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 ₹24,430,000,000,000 + ₹1,000,000,000,000 during the financial year 2018–19.[4]

History

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.[5]

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.[6]

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.[7][8] 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.[9][10][11][12][13]

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.[14] 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.[15]

The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy.[16] 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 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.[17][18]

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.[15] 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.[19][20]

Management and classification

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.

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".[21] Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997.[22] 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.[23] 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[24] 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 three years, OR

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

₹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 CPSUs

Top Profit Making CPSUs in Financial Year 2021–22[26]
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

List of CPSUs

Main article: List of public sector undertakings in India

Public Sector Undertakings (PSUs) can be classified as Central Public Sector Undertakings (CPSUs) or State Public Sector Undertakings (SPSUs). CPSUs 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 Undertakings (CPSUs).

As of October 2021, there are 13 Maharatnas, 14 Navratnas and 72 Miniratnas (divided into Category 1 and Category 2).[27][28]

List of Maharatna

  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)
  13. Oil India Limited (OIL)
  14. Hindustan Aeronautics Limited (HAL) (since 12 October 2024)[29]

List of Navratna

  1. Bharat Electronics Limited (BEL)
  2. Container Corporation of India (CONCOR)
  3. Engineers India Limited (EIL)
  4. Mahanagar Telephone Nigam Limited (MTNL)
  5. National Aluminium Company (NALCO)
  6. NBCC (India) Limited
  7. National Mineral Development Corporation (NMDC)
  8. NLC India Limited (Neyveli Lignite)
  9. Rashtriya Ispat Nigam Limited (RINL)
  10. Shipping Corporation of India (SCI)
  11. Rail Vikas Nigam Limited (RVNL)
  12. ONGC Videsh Limited
  13. Rashtriya Chemicals & Fertilizers Limited (RCF)
  14. Ircon International
  15. RITES Limited
  16. National Fertilizers Limited (NFL)
  17. Housing And Urban Development Corporation Limited (HUDCO)
  18. Indian Renewable Energy Development Agency (IREDA)
  19. Central Warehousing Corporation (CWC)
  20. Mazagon Dockyard Limited[30]
  21. RailTel Corporation of India Limited (RCIL) (since 30 August 2024)[31]
  22. SJVN Limited[31]
  23. NHPC Limited[31]
  24. Solar Energy Corporation of India (SECI)[31]

List of Miniratna

Miniratna Category-I
  1. Airports Authority of India (AAI)
  2. ONGC Videsh Limited
  3. Antrix Corporation (ANTRIX)
  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 (CEL)
  12. Central Coalfields Limited (CCL)
  13. Central Mine Planning & Design Institute Limited
  14. Chennai Petroleum Corporation (CPCL)
  15. Cochin Shipyard (CSL)
  16. Cotton Corporation of India Limited (CCIL)
  17. EdCIL (India) Limited (EdCIL)
  18. Garden Reach Shipbuilders & Engineers (GRSE)
  19. Goa Shipyard (GSL)
  20. Hindustan Copper (HCL)
  21. HLL Lifecare
  22. Hindustan Newsprint
  23. Hindustan Paper Corporation Limited
  24. Hindustan Steelworks Construction Ltd.
  25. HSCC India Limited
  26. Indian Tourism Development Corporation (ITDC)
  27. Indian Rare Earths (IRE)
  28. Indian Railway Catering and Tourism Corporation (IRCTC)
  29. Indian Railway Finance Corporation (IRFC)
  30. India Trade Promotion Organisation (ITPO)
  31. Kudremukh Iron Ore Company (KIOCL)
  32. Mahanadi Coalfields (MCL)
  33. MOIL Limited (MOIL)
  34. Mangalore Refinery and Petrochemicals Limited (MRPL)
  35. Mineral Exploration Corporation Limited (MECL)
  36. Mishra Dhatu Nigam
  37. MMTC Ltd. (MMTC)
  38. MSTC Limited
  39. National Fertilizers (NFL)
  40. National Projects Construction Corporation
  41. National Small Industries Corporation (NSIC)
  42. National Seed Corporation (NSC)
  43. Northern Coalfields (NCL)
  44. North Eastern Electric Power Corporation Limited (NEEPCL)
  45. Numaligarh Refinery
  46. Pawan Hans Helicopters Limited
  47. Projects and Development India Limited (PDIL)
  48. Rashtriya Chemicals & Fertilizers (RCF)
  49. Security Printing and Minting Corporation of India
  50. South Eastern Coalfields (SECL)
  51. Telecommunications Consultants India (TCIL)
  52. THDC India Limited
  53. Western Coalfields (WCL)
  54. WAPCOS Limited
Miniratna Category-II (11)
  1. Artificial Limbs Manufacturing Corporation of India
  2. Bharat Pumps & Compressors
  3. Broadcast Engineering Consultants India 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 Coal Gasification and Chemicals Ltd(BCGCL)
  12. Bharat Gold Mines Limited
  13. Bharat Wagon and Engineering
  14. Bharat Immunologicals and Biologicals Corporation
  15. Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL)
  16. Brahmaputra Cracker and Polymer Limited
  17. BrahMos Aerospace
  18. BHAVINI
  19. Biotech Consortium India Limited
  20. BHEL Electrical Machines Ltd. (EML)
  21. Bhor Sagar Port Limited
  22. BEML Midwest ltd.
  23. Bundelkhand Saur Urja Limited
  24. Convergence Energy Services Limited
  25. CSC e-Governance Services India Limited
  26. Cement Corporation of India
  27. Central Inland Water Transport Corporation Limited (CIWTC)
  28. Certification Engineers International Limited
  29. City and Industrial Development Corporation
  30. Chenab Valley Power Projects
  31. Damodar Valley Corporation (DVC)
  32. Dedicated Freight Corridor Corporation of India
  33. Delhi Metro Rail Corporation (DMRC)
  34. Delhi Transco Limited
  35. Delhi Transport Corporation
  36. Deposit Insurance and Credit Guarantee Corporation
  37. Digital India Corporation
  38. Dredging Corporation of India
  39. Electronics Corporation of India Limited (ECIL)
  40. Employees State Insurance Corporation (ESIC)
  41. Energy Efficiency Services Limited (EESL)
  42. Export Credit Guarantee Corporation of India
  43. Fresh & Healthy Enterprises Limited
  44. Fertilizer Corporation of India
  45. Fertilisers and Chemicals Travancore Limited
  46. Food Corporation of India (FCI)
  47. Green Gas Limited
  48. Green Valley Renewable Energy Limited
  49. Government e Marketplace
  50. Grid Conductors Ltd
  51. Hemisphere Properties India Limited
  52. Hindustan Antibiotics Limited
  53. Hindustan Insecticides Limited
  54. Hindustan Organic Chemicals Limited (HOCL)
  55. Hindustan Fertilizers Corporation Limited (HFCL)
  56. Hindustan Prefab Limited
  57. Hindustan Shipyard Limited(HSL)
  58. Hindustan Salts Limited
  59. Hindustan Urvarak & Rasayan Limited(HURL)
  60. Hindustan Vegetable Oils Corporation
  61. Hindustan Teleprinters Limited (HTL)
  62. HSCC (India) Limited
  63. Hotel Corporation of India Limited (HCIL)
  64. Jal Power Corporation Ltd.
  65. Jute Corporation of India
  66. Karnataka Soaps and Detergents Limited
  67. Khadi Natural
  68. Khanij Bidesh India Ltd.
  69. Life Spring Hospitals (P) Ltd.
  70. Kolkata Metro Rail Corporation
  71. Konkan Railway Corporation
  72. Konkan LNG
  73. Krishnapatnam Railway Company Limited
  74. Karnataka Vijayanagar Steel Limited, NMDC Steel
  75. Madras Fertilizers
  76. Mahanagar Gas
  77. Millennium Telecom Ltd.
  78. Metal & Steel Factory
  79. Meja Urja Nigam Private Limited (MUNPL)
  80. Mudra Bank
  81. National Research Development Corporation
  82. National Capital Region Transport Corporation
  83. National Dairy Development Board
  84. National Highways and Infrastructure Development Corporation Limited (NHIDCL)
  85. National Highways Logistics Management Company
  86. National Projects Construction Corporation Ltd (NPCC)
  87. National Payments Corporation of India (NPCI)
  88. National Land Monetisation Corporation (NLMC)
  89. National Informatics Centre Services Inc. (NIC)
  90. National Industrial Corridor Development Corporation Limited
  91. Narmada Hydroelectric Development Corporation
  92. National High Power Test Laboratory(NHTPL)
  93. National Textile Corporation
  94. NIIF Infrastructure Finance Limited
  95. Orissa Drugs & Chemicals Ltd.(ODCL)
  96. Bharat Refractories Limited, Bokaro
  97. NewSpace India Limited
  98. NEPA Mills Ltd.
  99. NSEIT
  100. NSPCL (NTPC- SAIL Power Company Limited)
  101. Open Network for Digital Commerce
  102. Infrastructure Development Finance Company (IDFC Limited)
  103. Industrial Finance Corporation of India Limited
  104. Indian Dairy Machinery Company Ltd. (IDMC)
  105. India Debt Resolution Company Limited (IDRCL)
  106. IHB Limited (a joint venture of IOCL, HPCL & BPCL)
  107. Indian Financial Technology and Allied Services
  108. Indian Highway Management Company Limited (IHMCL)
  109. Indian Vaccine Corporation Limited
  110. Indian Medicine Pharmaceutical Corporation Ltd.
  111. Indian Immunologicals Limited
  112. India Infrastructure Finance Company Limited (IIFCL)
  113. Indian Port Rail Corporation Limited(IPRCL)
  114. India Ports Global Limited
  115. Indraprastha Gas Limited
  116. Indradhanush Gas Grid Limited (IGGL)
  117. Infrastructure Leasing & Financial Services
  118. India SME Asset Reconstruction Company Limited
  119. Indian Potash Limited
  120. Indian Strategic Petroleum Reserves Ltd
  121. Inland & Coastal Shipping Ltd.
  122. Inland Waterways Authority of India
  123. Instrumentation Limited
  124. Intelligent Communication Systems India Limited (ICSIL)
  125. Irrigation and Water Resources Finance Corporation Limited
  126. Petronet LNG
  127. Pipavav Railway Corporation Ltd. (PRCL)
  128. Power System Operation Corporation (Grid-India)
  129. Prize Petroleum Company Limited
  130. Protean eGov Technologies Ltd. (Formerly NSDL e-Governance Infrastructure Limited)
  131. PTC India (formerly Power Trading Corporation India Limited)
  132. Punjab Logistics Infrastructure Limited
  133. Railway Energy Management Company Limited (REMCL)
  134. Rajasthan Drugs & Pharmaceuticals Limited(RDPL)
  135. Ramagundam Fertilizers and Chemicals Limited
  136. Ratnagiri Gas and Power
  137. Ratle Hydroelectric Power Corporation(RHPC)
  138. Receivables Exchange of India Ltd (RXIL)
  139. Ropeways and Rapid Transport System Development Corporation
  140. Sagarmala Development Company
  141. SIDCUL CONCOR Infra Company Limited
  142. Semiconductor Complex Limited
  143. Smith Stanisteet Pharmaceuticals Limited
  144. Sethusamudram Corporation Limited
  145. Sponge Iron India Ltd (SIIL)
  146. STCI Finance Limited
  147. State Farms Corporation of India
  148. Tourism Finance Corporation Of India Ltd.
  149. Tusco Limited.
  150. Talcher Fertilizers Limited.
  151. The Industrial Credit Company Limited
  152. Urban Mass Transit Company
  153. UTI Infrastructure Technology and Services Limited (UTIITSL)
  154. Triveni Structurals Limited
  155. Utkarsha Aluminium Dhatu Nigam Limited
  156. UV Asset Reconstruction Company Limited
  157. Armoured Vehicles Nigam Limited
  158. Advanced Weapons and Equipment India Limited
  159. Gliders India Limited
  160. India Optel Limited
  161. Munitions India Limited
  162. Troop Comforts Limited
  163. Yantra India Limited
  164. 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 September 2024):

Regional rural banks

Currently there are 43 Regional Rural Banks in India, as of 1 April 2020:[38]

Andhra Pradesh

Arunachal Pradesh

  • Arunachal Pradesh Rural Bank

Assam

Bihar 

Gramin Bank

Chhattisgarh

  • Chhattisgarh Rajya Gramin Bank

Gujarat

  • Baroda Gujarat Gramin Bank
  • Saurashtra Gramin Bank

Haryana

  • Sarva Haryana Gramin Bank

Himachal Pradesh

  • Himachal Pradesh Gramin Bank

Jammu and Kashmir

  • J&K Grameen Bank
  • Ellaquai Dehati Bank

Jharkhand

Karnataka

Kerala

Madhya Pradesh

Maharashtra

Manipur

  • Manipur Rural Bank

Meghalaya

  • Meghalaya Rural Bank

Mizoram

Nagaland

  • Nagaland Rural Bank

Odisha

Puducherry

Punjab

  • Punjab Gramin Bank

Rajasthan

  • Baroda Rajasthan Kshetriya Gramin Bank
  • Rajasthan Marudhara Gramin Bank

Tamil Nadu

  • Tamil Nadu Grama Bank

Telangana

  • Telangana Grameena Bank

Tripura

Uttar Pradesh 

Bank

Gramin Bank

Uttarakhand

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 7 Nationalized Financial Market Exchanges in India: [41]

List of State PSUs

Andhra Pradesh

Main article: List of agencies of the government of Andhra Pradesh

Gujarat

Main article: List of agencies of the government of Gujarat

Kerala

Main article: Public sector undertakings in Kerala

Maharashtra

Main article: List of Maharashtra State Level Public Enterprises

Tamil Nadu

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

See also

References

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  34. ^ "Jessop and Co, one of India's oldest companies, faces closure". 2 November 2013.
  35. ^ Tiwari, Dheeraj (22 April 2015). "Government may sell stakes in IDFC, Tata Communications via ETF route". The Economic Times.
  36. ^ https://www.livemint.com/companies/news/idfc-first-bank-announces-completion-of-idfc-ltd-merger-11727485752194.html
  37. ^ "HDFC Bank to Sell 2% Stake in NSDL IPO".
  38. ^ "list of SCB".
  39. ^ a b Kumar, N. Ravi (10 May 2019). "Rural banks to be merged in TS, AP". The Hindu.
  40. ^ दैनिक जागरण: बैंकों का विलय: एक हुए UP के तीन बैंक, अब बड़ौदा यूपी बैंक नाम से जाने जाएंगे.
  41. ^ "SEBI | Details of Stock Exchanges".
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