Ministry of Finance Year Ender 2024: Department of Public Enterprises

In 2024, the Department of Public Enterprises (DPE), under the Ministry of Finance, marked significant milestones in its operational and policy initiatives. A key highlight was its robust monitoring and facilitation of capital expenditure (CAPEX) among select Central Public Sector Enterprises (CPSEs) and other organisations. The DPE reported 24.2% increase in CAPEX compared to the previous year, reflecting its commitment to driving economic growth and infrastructure development. By the end of November 2024, CPSEs had already achieved 57% of the FY2024-25 target, with CAPEX achievements surpassing 100% and 108% of estimates in FY2022-23 and FY2023-24, respectively. This consistent performance underscores the efficacy of DPE’s monitoring mechanisms and strategic interventions.

Also, in recognition of various CPSEs' performance, the DPE granted Maharatna status to Hindustan Aeronautics Limited (HAL) and elevated several CPSEs to Navratna status, including National Fertilizers Limited, NHPC, and Railtel Corporation of India Limited. These recognitions empower CPSEs with greater autonomy to undertake ambitious projects, fostering innovation and growth across critical sectors like renewable energy, infrastructure, and urban development.

Additionally, the DPE undertook significant policy reforms to streamline operations and enhance decision-making efficiency within CPSEs. Revised guidelines issued in September 2024 simplified the process for establishing joint ventures and wholly-owned subsidiaries by the boards of Maharatna, Navratna, and Miniratna CPSEs. Similarly, new directives issued in May 2024 simplified the upgradation process for existing CPSE categorisations. These measures are poised to further bolster the competitiveness and operational agility of CPSEs, aligning them with national priorities and global benchmarks.

Following are some of the major achievements of the Department of Public Enterprises, Ministry of Finance, in 2024:

CAPEX CAPITAL EXPENDITURE 

• DPE monitors the CAPEX in select CPSEs and other organisations.
• DPE showcased an increase of 24.2% over the previous year's CAPEX. 

CPSEs CENTRAL PUBLIC SECTOR ENTERPRISES

Grant of Maharatna status:

• Hindustan Aeronautics Limited (HAL) vide OM dated 12.10.2024.

Grant of Navratna status:

• National Fertilizers Limited
• National Hydroelectric Power Corporation (NHPC)
• Railtel Corporation of India Limited
• Solar Energy of Corporation India Limited
• Satluj Jal Vidyut Nigam Limited (SJVN)
• Central Warehousing Corporation
• Indian Renewable Energy Development Agency Limited (IREDA)
• Mazagon Dock Shipbuilders Limited (MDL)
• Housing & Urban Development Corporation Limited

Delegation of powers to the CPSEs:

• Simplified process of exercising of delegated powers relating to establishing financial JVS and Wholly Owned Subsidiaries (WoS) by the Board of Maharatna, Navratna and Miniratna CPSEs amending its own guidelines issued vide OM 18(6)/2016-MGMT dated 10th August, 2016, vide OM dated 17.09.2024.
• Guidelines to simplify the process for upgradation of the existing categorisation of CPSES issued vide OM dated 20.05.2024.