Public Sector Undertakings in 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. 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. 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. 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. 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. 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. The first Prime Minister of India, Jawaharlal Nehru, promoted an economic policy based on import substitution industrialisation and advocated a mixed economy. 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. 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. ==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". Financial autonomy was initially awarded to nine PSUs as Navratna status in 1997. 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. 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 status are as follows: 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==

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. The Department of Public Enterprises (DPE), Ministry of Finance is the nodal department for all the Central Public Sector Undertakings (CPSUs). As of 2025, there are 14 Maharatnas, 26 Navratnas and 65 Miniratnas (divided into Category 1 and Category 2). List of Maharatna • Oil and Natural Gas Corporation (ONGC) • Bharat Heavy Electricals Limited (BHEL) • Bharat Petroleum (BPCL) • Coal India (CIL) • GAIL (India) Limited (formerly Gas Authority of India Limited) • Hindustan Petroleum (HPCL) • Indian Oil (IOCL) • NTPC Limited (formerly National Thermal Power Corporation) • Power Grid Corporation of India (PGCIL) • Power Finance Corporation Limited (PFC) • REC Limited (formerly Rural Electrification Corporation Limited) • Steel Authority of India Limited (SAIL) • Oil India (OIL) • Hindustan Aeronautics Limited (HAL) List of Navratna • Bharat Electronics (BEL) • Container Corporation of India (CONCOR) • Engineers India (EIL) • Mahanagar Telephone Nigam Limited (MTNL) • National Aluminium Company (NALCO) • NBCC (India) Limited • NMDC Limited • NLC India Limited (Neyveli Lignite) • Rashtriya Ispat Nigam (RINL) • Shipping Corporation of India (SCI) • Rail Vikas Nigam (RVNL) • ONGC Videsh Limited (OVL) • Rashtriya Chemicals and Fertilizers (RCF) • Ircon International (IRCON) • RITES Limited • National Fertilizers Limited (NFL) • Housing And Urban Development Corporation Limited (HUDCO) • Indian Renewable Energy Development Agency (IREDA) • Central Warehousing Corporation (CWC) • Mazagon Dockyard Limited (MDL) • RailTel Corporation of India Limited (RCIL) • SJVN Limited (SJVN) • NHPC Limited • Goa Shipyard (GSL) • Hindustan Copper (HCL) • HLL Lifecare • Hindustan Newsprint • Hindustan Paper Corporation Limited • Hindustan Steelworks Construction Ltd. • HSCC India Limited • Indian Tourism Development Corporation (ITDC) • Indian Rare Earths (IRE) • India Trade Promotion Organisation (ITPO) • Kudremukh Iron Ore Company (KIOCL) • Mahanadi Coalfields (MCL) • MOIL Limited (MOIL) • Mangalore Refinery and Petrochemicals Limited (MRPL) • Mineral Exploration Corporation Limited (MECL) • Mishra Dhatu Nigam • MMTC Ltd. (MMTC) • MSTC Limited • National Fertilizers (NFL) • National Projects Construction Corporation • National Small Industries Corporation (NSIC) • National Seed Corporation (NSC) • Northern Coalfields (NCL) • North Eastern Electric Power Corporation Limited (NEEPCL) • Pawan Hans Helicopters Limited • Projects and Development India Limited (PDIL) • Rashtriya Chemicals & Fertilizers (RCF) • Security Printing and Minting Corporation of India • South Eastern Coalfields (SECL) • Telecommunications Consultants India (TCIL) • THDC India Limited • Western Coalfields (WCL) • WAPCOS Limited ;Miniratna Category-II (9) • Artificial Limbs Manufacturing Corporation of India • Broadcast Engineering Consultants India Limited • Engineering Projects (India) Limited • FCI Aravali Gypsum and Minerals (India) Limited • HMT International Limited • Indian Medicines Pharmaceutical Corporation Limited • Ferro Scrap Nigam Limited (FSNL) • MECON • National Film Development Corporation of India (NFDC) • Rajasthan Electronics and Instruments Limited List of Other CPSUs • Advanced Weapons and Equipment India • Agrinnovate India Ltd. • AFC India Limited • Anushakti Vidhyut Nigam Limited • Aravali Power Company Private Limited (APCPL) Jharli, Jhajjar • Armoured Vehicles Nigam • Bengal Chemicals and Pharmaceuticals Limited • Bengal Immunity Limited • Bharat Broadband Network (BBNL) • Bharat Coal Gasification and Chemicals Ltd (BCGCL) • Bharat Gold Mines Limited • Bharat Immunologicals and Biologicals Corporation • Bharat Refractories Limited, Bokaro • Bharat Wagon and Engineering • Bharatiya Reserve Bank Note Mudran • BHAVINI • BEML Midwest ltd. • BHEL Electrical Machines Ltd. (EML) • Bhor Sagar Port Limited • Biotech Consortium India Limited • Brahmaputra Valley Fertilizer Corporation Ltd (BVFCL) • Brahmaputra Cracker and Polymer Limited • BrahMos Aerospace • Bundelkhand Saur Urja Limited • Convergence Energy Services Limited • CSC e-Governance Services India Limited • Cement Corporation of India • Central Inland Water Transport Corporation Limited (CIWTC) • Certification Engineers International Limited • City and Industrial Development Corporation • Chenab Valley Power Projects • Damodar Valley Corporation (DVC) • Dedicated freight corridors in India • Delhi Metro Rail Corporation (DMRC) • Delhi Transco Limited • Delhi Transport Corporation • Deposit Insurance and Credit Guarantee Corporation • Digital India Corporation • Dredging Corporation of India • Electronics Corporation of India Limited (ECIL) • Energy Efficiency Services Limited (EESL) • Export Credit Guarantee Corporation of India • Fertilisers and Chemicals Travancore Limited • Fertilizer Corporation of India • Food Corporation of India (FCI) • Fresh & Healthy Enterprises Limited • Gliders India • Green Gas Limited • Green Valley Renewable Energy Limited • Grid Conductors Ltd • Hemisphere Properties India Limited • Hindustan Antibiotics Limited • Hindustan Fertilizers Corporation Limited (HFCL) • Hindustan Insecticides • Hindustan Organic Chemicals Limited (HOCL) • Hindustan Prefab Limited • Hindustan Salts Limited • Hindustan Shipyard Limited (HSL) • Hindustan Teleprinters Limited (HTL) • HURL Barauni • Hindustan Vegetable Oils Corporation • HSCC (India) Limited • IHB Limited (a joint venture of IOCL, HPCL & BPCL) • Indian Dairy Machinery Company Ltd. (IDMC) • India Debt Resolution Company Limited (IDRCL) • India Government Mint • India Infrastructure Finance Company Limited (IIFCL) • India Optel • India Ports Global Limited • India SME Asset Reconstruction Company Limited • Indian Financial Technology and Allied Services • Indian Highway Management Company Limited (IHMCL) • Indian Immunologicals Limited • Indian Medicine Pharmaceutical Corporation Ltd. • Indian Port Rail Corporation Limited(IPRCL) • Indian Potash Limited • Indian Strategic Petroleum Reserves Ltd • Indian Vaccine Corporation Limited • Indraprastha Gas Limited • Indradhanush Gas Grid Limited (IGGL) • Infrastructure Leasing & Financial Services • Industrial Finance Corporation of India Limited • Inland & Coastal Shipping Ltd. • Inland Waterways Authority of India • Instrumentation Limited • Intelligent Communication Systems India Limited (ICSIL) • Irrigation and Water Resources Finance Corporation Limited • Jal Power Corporation Ltd. • Jute Corporation of India • Karnataka Soaps and Detergents Limited • Karnataka Vijayanagar Steel Limited, NMDC Steel • Khadi Natural • Khanij Bidesh India Ltd. • Kolkata Metro Rail Corporation • Konkan Railway Corporation • Konkan LNG • Krishnapatnam Railway Company Limited • Life Spring Hospitals (P) Ltd. • Madras Fertilizers • Mahanagar Gas • Millennium Telecom Ltd. • Meja Urja Nigam Private Limited (MUNPL) • National Capital Region Transport Corporation • National Highways and Infrastructure Development Corporation Limited (NHIDCL) • National Highways Logistics Management Company • National High Power Test Laboratory (NHTPL) • Narmada Hydroelectric Development Corporation • National Industrial Corridor Development Corporation Limited • National Informatics Centre Services Inc. (NIC) • National Jute Manufactures Corporation Limited • National Land Monetisation Corporation (NLMC) • National Payments Corporation of India (NPCI) • National Projects Construction Corporation Ltd (NPCC) • National Textile Corporation • NIIF Infrastructure Finance Limited • NewSpace India Limited • NEPA Mills Ltd. • NSEIT • NSPCL (NTPC- SAIL Power Company Limited) • Open Network for Digital Commerce • Orissa Drugs & Chemicals Ltd (ODCL) • Petronet LNG • Pipavav Railway Corporation Ltd. (PRCL) • Power System Operation Corporation • Praga Tools • Prize Petroleum Company Limited • Protean eGov Technologies Ltd (Formerly NSDL e-Governance Infrastructure Limited) • PTC India (formerly Power Trading Corporation India Limited) • Punjab Logistics Infrastructure Limited • Railway Energy Management Company Limited (REMCL) • Rajasthan Drugs & Pharmaceuticals Limited (RDPL) • Ramagundam Fertilizers and Chemicals Limited • Ratnagiri Gas and Power • Ratle Hydroelectric Power Corporation (RHPC) • Receivables Exchange of India Ltd (RXIL) • Sagar Mala Development Company • Semiconductor Complex Limited • Smith Stanisteet Pharmaceuticals Limited • Sethusamudram Corporation Limited • Security Printing and Minting Corporation of India • Sponge Iron India Ltd (SIIL) • STCI Finance Limited • State Farms Corporation of India • Talcher Fertilizers Limited. • Tourism Finance Corporation Of India Ltd. • The Industrial Credit Company Limited • UTI Infrastructure Technology and Services Limited (UTIITSL) • Triveni Structurals Limited • Utkarsha Aluminium Dhatu Nigam Limited • UV Asset Reconstruction Company Limited • Indo-Russia Rifles (IRRPL) • Munitions India • Troop Comforts • Yantra India • Tusco Limited. ==List of CPSUs privatized==

• Air India – sold to Tata Group in 2021 • Axis Bank, split from UTI was privatized in 2007 • Bharat Aluminium Company – sold to Vedanta Limited in 2000 • CMC Limited – sold to Tata Consultancy Services in 2001, merged with TCS in 2016 • Lagan Engineering – in 2001 • Hindustan Zinc Limited – sold to Vedanta Limited in 2001 • HTL Limited - sold to HFCL in 2001 • Maruti Udyog Limited - sold to Suzuki • Modern Food Industries – sold to Hindustan Unilever in 2000 • Neelachal Ispat Nigam Limited - sold to Tata Steel Long Products in 2022 • Paradeep Phosphates Limited(PPL) - sold to Adventz Group in 2001 • Videsh Sanchar Nigam Limited – sold to Tata Group in 2002 • Jessop & Company – sold to Ruia Group in 2003 but bankrupt in 2013 • ICICI Bank, ICICI Ltd. a government entity, parent company of ICICI Bank was merged with ICICI Bank leading to its privatization in 2002. • Indian Petrochemicals Corporation Limited – sold to Reliance Industries in 2002 and merged with reliance in 2007. • IDFC in 2005 via IPO cutdown ownership from 100% to 34.91% In October 2024 IDFC merged into IDFC Bank leading to full privatization. • Protean eGov Technologies, formerly known as NSDL e-Gov Infrastructure Limited (a subsidiary of NSDL), Government of India to sell stakes via SUUTI (Specified Undertaking of The Unit Trust of India), IDBI Bank, Union Bank of India and State Bank of India through IPO in 2023. ==List of Central PSUs (Financial Services)==

Nationalised banks Currently there are 12 Nationalised Banks in India (Government Shareholding power is denoted in %, ): • State Bank of India (57.51%) • Bank of Baroda (63.97%) • Union Bank of India (74.76%) • Punjab National Bank (70.08%) • Canara Bank (62.93%) • Punjab and Sind Bank (98.25%) • Indian Bank (73.84%) • Bank of Maharashtra (86.46%) • Bank of India (73.38%) • Central Bank of India (93.08%) • Indian Overseas Bank (96.38%) • UCO Bank (95.39%) Regional rural banks Currently there are 28 Regional Rural Banks in India, as of 1 May 2025: Andhra Pradesh • Andhra Pradesh Grameena Bank Arunachal Pradesh • Arunachal Pradesh Rural Bank Assam • Assam Gramin Vikash Bank Bihar • Bihar Gramin Bank Chhattisgarh • Chhattisgarh Rajya Gramin Bank Gujarat • Gujarat Gramin Bank Haryana • Sarva Haryana Gramin Bank Himachal Pradesh • Himachal Pradesh Gramin Bank Jammu and Kashmir • Jammu and Kashmir Grameen Bank Jharkhand • Jharkhand Rajya Gramin Bank Karnataka • Karnataka Grameena Bank Kerala • Kerala Gramin Bank Madhya Pradesh • Madhya Pradesh Gramin Bank Maharashtra • Maharashtra Gramin Bank Manipur • Manipur Rural Bank Meghalaya • Meghalaya Rural Bank Mizoram • Mizoram Rural Bank Nagaland • Nagaland Rural Bank Odisha • Odisha Grameen Bank Puducherry • Puduvai Bharathiar Grama Bank Punjab • Punjab Gramin Bank Rajasthan • Rajasthan Gramin Bank Tamil Nadu • Tamil Nadu Grama Bank Telangana • Telangana Grameena Bank Tripura • Tripura Gramin Bank Uttar Pradesh • Uttar Pradesh Gramin Bank Uttarakhand • Uttarakhand Gramin Bank West Bengal • West Bengal Gramin Bank Nationalized insurance companies Currently there are 7 Nationalized Insurance Companies (Government Shareholding power denoted in %, as of 1 April 2020): • Life Insurance Corporation(96.50%) • General Insurance Corporation of India (85.78%) • New India Assurance (85.44%) • National Insurance Company(100%) • The Oriental Insurance Company(100%) • United India Insurance Company(100%) • Agriculture Insurance Company of India(100%) Nationalized Market exchanges • Bombay Stock Exchange • Metropolitan Stock Exchange • Multi Commodity Exchange • National Commodity and Derivatives Exchange • National Stock Exchange of India == List of State PSUs ==

Gujarat Kerala Maharashtra • Maharashtra Industrial Township Limited Tamil Nadu == See also ==