Navratna Status for Solar Energy Corporation of India Ltd (SECI)

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Context:

Solar Energy Corporation of India Ltd (SECI), a Central Public Sector Enterprise (CPSE) under the Ministry of New and Renewable Energy has been granted the Navratna status on 30^th August 2024 by the Ministry of Finance.

Central Public Sector Enterprises (CPSEs)

• Central Public Sector Enterprises (CPSEs) are known by other names such as Public Sector Undertakings (PSUs) or Public Sector Enterprises (PSEs) in India.
• These CPSEs are divided into Maharatna, Navratna, and Miniratna companies
• Miniratna are further divided into Category I and Category II.

Classification of CPSEs:

Solar Energy Corporation of India Ltd (SECI)

• It was established in 2011 to facilitate the implementation of the National Solar Mission (NSM).
• It is the only Central Public Sector Undertaking (PSU) under the Ministry of new and renewable energy dedicated to the solar energy sector.
• It has a cumulative generation awarded capacity of 69.25 GW and an annual power trading volume upwards of 42 Billion Units.
• SECI is the foremost Renewable Energy Implementing Agency (REIA) of India working towards fulfilling climate goals and striving for sustainable development.
• The company’s consolidated annual turnover increased by 20.85% over the previous year and Profit After Tax (PAT) registered a growth of 34.89% in the Financial Year 2023-24.

Source

https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2050232

PRACTICE QUESTION Q) Central Public Sector Undertakings are important building blocks of India’s economy. In this context analyse the socio-economic implications of granting Ratna status to government enterprises in India. ( 250 words)