what is navratnas and mini ratnas
 

Navratna is a title that was granted by government of India to nine public sector undertakings in 1997. The government granted greater degree of autonomy to these enterprises so that they can compete with global companies. The number of undertakings was further increased to 16. 

Government awarded the status of ‘navaratnas’ to the following nine PSUs:

1) Indian Oil Corporation Ltd (IOCL)

2) Bharat Petroleum Corporation Ltd (BPCL)

3) Hindustan Petroleum Corporation Ltd (HPCL)

4) Oil and Natural Gas Corporation Ltd (ONGC)

5) Steel Authority of India Ltd (SAIL)

6) India Petro-chemicals Corporations Ltd (IPCL)

7) Bharat Heavy Electricals Ltd (BHEL)

8) National Thermal Power Corporation (NTPC)

9) Videsh Sanchar Nigam Ltd (VSNL)

These corporations were granted a greater degree of financial, managerial and operational autonomy. This boosted their efficiency and effectiveness. They also became highly competitive and some of them are becoming the giant global players. Consequent to their better performance, government retained them under public sector and enabled them to grow themselves not only in the domestic market but also in the international market. The status of mini ratnas was also granted by government of India. Mini ratnas were also provided a degree of autonomy by the government but after imposing certain conditions.