Maharatna

Maharatna is a status conferred by the Government of India on selected central public sector enterprises (CPSEs), granting them enhanced autonomy to operate with greater strategic and financial flexibility while remaining accountable to the government and their shareholders. The designation is the highest level in India's public sector autonomy framework, which also includes the Navratna and Miniratna schemes.

Eligibility is determined by the Department of Public Enterprises (DPE) and typically requires the enterprise to be large, profitable, and strategically important, with demonstrated ability to operate internationally. Criteria focus on sustained performance, scale of operations, net worth, and turnover, along with the capacity to make large investments and pursue acquisitions or joint ventures without excessive government approval. Government ownership and oversight continue, albeit with reduced indirect intervention for day-to-day decisions.

Beneficiaries gain substantial autonomy in key commercial areas, such as capital expenditure, asset acquisition and disposal, mergers and acquisitions, joint ventures, and international ventures. They may also diversify into new lines of business and expand overseas, subject to specified performance targets and annual reviews by the government.

The Maharatna status is intended to strengthen the global competitiveness of the largest CPSEs, reduce approval bottlenecks, and attract investors while preserving public accountability. It forms part of the public sector governance framework alongside Navratna and Miniratna categories.