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India's Defence Minister approves 'Miniratna
Category-I' status for Yantra India Limited (YIL)
India's Defence Minister has approved the grant of
'Miniratna Category-I' status to Yantra India Limited (YIL). The YIL board now
has the authority to approve capital expenditure up to ₹500 crore for new
projects, modernization, and equipment procurement without prior government
approval. This enhanced financial autonomy is expected to facilitate faster
decision-making and accelerate the company's growth in defence production and
exports. This decision reflects the government's 'Atmanirbhar Bharat'
(Self-Reliant India) vision of strengthening indigenous defence manufacturing,
reducing imports, promoting Indian industries, and establishing India as a
global defence hub.
Yantra India Limited
¨
It was established on
October 1, 2021, through the corporatization of the Ordnance Factory Board
(OFB) into seven Defence Public Sector Undertakings (DPSUs) to enhance
efficiency, autonomy, and innovation in defence manufacturing.
¨
It is a 'Schedule-A'
category Defence Public Sector Undertaking (DPSU) under the administrative
control of the Department of Defence Production.
Miniratna Status
¨
'Miniratna' status is a
recognition for profitable Central Public Sector Enterprises (CPSEs) in India,
granting them enhanced financial and operational autonomy to accelerate growth.
Eligibility Criteria
¨
Miniratna Category-I:
CPSEs that have made profits for three consecutive years, earned a pre-tax
profit of ₹30 crore or more in at least one of these three years, and have a
positive net worth are eligible for 'Miniratna-I' status.
¨
Miniratna Category-II:
CPSEs that have made profits for the last three consecutive years and have a
positive net worth are eligible for 'Miniratna-II' status. Financial Autonomy:
¨ Category-I: These enterprises can invest up to ₹500 crore or an amount equivalent to their net worth, whichever is less.
¨ Category-II: These enterprises can invest up to ₹300 crore or 50% of their net worth, whichever is less.
