The Department of Public Enterprises (DPE) has released the Memorandum of Understanding (MoU) performance ratings for Central Public Sector Enterprises (CPSEs) for the financial year 2023–24, revealing a strong performance across India’s public sector landscape. Notably, 39 CPSEs were awarded the prestigious ‘Excellent’ rating, a clear indication of their exceptional achievement on various performance parameters.
The MoU ratings assess CPSEs based on a framework of agreed-upon performance targets, including financial efficiency, productivity, project implementation, innovation, and policy compliance. The results signal a resilient and performance-driven public sector, despite a challenging macroeconomic environment.
Top ‘Excellent’-Rated CPSEs for FY 2023–24 Include:
Airports Authority of India (AAI)
Bharat Electronics Limited (BEL)
Coal India Limited
GAIL (India) Limited
NTPC Limited
Indian Oil Corporation Limited (IOCL)
REC Limited
Power Finance Corporation Limited (PFC)
Indian Renewable Energy Development Agency Limited (IREDA)
Hindustan Aeronautics Limited (HAL)
Mazagon Dock Shipbuilders Limited
Solar Energy Corporation of India (SECI)
Cochin Shipyard Limited
Container Corporation of India Limited (CONCOR)
Power Grid Corporation of India Limited (PGCIL) among others, representing a diverse range of sectors from energy and manufacturing to infrastructure and logistics.
‘Very Good’ and ‘Good’ Performers Also Notable
In addition to the top-tier ratings, numerous CPSEs secured ‘Very Good’ and ‘Good’ ratings, underlining a broadly positive trend in performance. These include companies like:
Bharat Dynamics Limited (BDL)
Balmer Lawrie & Co. Ltd.
BSNL
Engineers India Limited (EIL)
NALCO
NHPC
NMDC
SAIL
SJVN
Oil and Natural Gas Corporation (ONGC)
Areas for Improvement Remain
However, the report also flagged certain areas of concern. Some CPSEs received ‘Fair’ or ‘Poor’ ratings, pointing to operational, financial, or administrative challenges that need to be addressed. For instance:
Andrew Yule and Company Limited, HLL Lifecare Limited, and National Seeds Corporation Limited received ‘Fair’ ratings.
Indian Medicines and Pharmaceuticals Corporation Limited, Karnataka Antibiotics and Pharmaceuticals Limited, and WAPCOS Limited were rated ‘Poor’, highlighting the need for strategic course correction.
Conclusion: A Mixed Yet Promising Landscape
The FY24 DPE MoU ratings serve as a comprehensive snapshot of CPSE performance, reflecting both excellence and areas in need of reform. The dominance of ‘Excellent’ ratings among key CPSEs suggests a strong push toward accountability, efficiency, and strategic alignment with national priorities, including energy transition, infrastructure growth, and digital innovation.
As public sector enterprises continue to play a pivotal role in India’s economic development, these ratings offer critical insights into the strengths and gaps within the ecosystem—paving the way for policy refinement and targeted interventions
