Government confers Navratna status on Shipping Corporation

New Delhi, Aug 4 (UNI) Government has conferred Navratna status on Shipping Corporation of India (SCI) Limited making it the 17th member of the elite Navratna club.

According to an official release issued here today, Navratna status will enable SCI to utilise the enhanced autonomy and powers delegated available to its Board and thereby improve its performance further.

It may be recalled that the Government had initiated Navratna scheme in 1997 to identify and support select Central Public Sector Enterprises (CPSE), which could emerge as significant players in the economic development of the country as global giants.

The Boards of Navratna CPSEs have been delegated substantial powers in the areas relating to capital expenditure, formation of joint ventures and subsidiaries, human resources development and others.

As per the National Common Minimum Programme (NCMP), the Government is committed to have a strong and effective public sector. The NCMP also states, inter alia, that full managerial and commercial autonomy will be devolved to successful profit-making companies operating in a competitive environment.

The proposal for conferring Navratna status for SCI was considered by the government. After considering all relevant factors/parameters, the Government has conferred Navratna status on the company.

UNI BKS AL DS1525