National Projects Construction Corporation Limited (NPCC) has been conferred with the status of Miniratna: Category –I by the Government of India. The empowerment of Miniratna Status to NPCC will help the company in taking speedy decisions by enhancing the delegation of powers to the Board.
NPCC, a schedule ‘B’ CPSE under the administrative control of Ministry of Water Resources RD & GR, has also been awarded ISO 9001:2015 Certification. The Corporation, incorporated in 1957, is a premier construction company having a mandate with the creation of infrastructure to provide an impetus for economic development of the country. The Corporation is making a continuous profit since 2009-10, having positive net-worth for the last six years and has an ambitious business plan with enhanced order book position of Rs. 11833 crore.
The Public Sector Enterprises are run by the Government under the Department of Public Enterprises of Ministry of Heavy Industries and Public Enterprises. The government grants the status of Navratna, Miniratna and Maharatna to Central Public Sector Enterprises (CPSEs) based upon the profit made by these CPSEs.
The Maharatna category has been the most recent one since 2009, the other two have been in function since 1997.
In our country, a Public Sector Undertaking (PSU) is a government-owned corporation. These companies are owned and operated by the Union Government of India, or a state government, or both. This company’s equity is majorly owned by the government, hence the named PSU. The need for setting up of PSUs arises because industrial development of any country requires a strong foundation supported by reliable infrastructure. And infrastructure development is fundamentally a capital-intensive industry, which may not be lucrative for the private sector. Therefore, Government runs the Public Sector Enterprises.
After economic reforms, various PSUs have been awarded additional financial autonomy by the Government. These corporations are “public sector companies that have comparative advantages”. Which means that the Government has given them greater autonomy in their functioning to compete in the global market in order to support these enterprises in becoming global giants(players).
Currently, this level of financial autonomy is divided into the following three categories:
- Miniratna Category -I and II