The government is actively considering a status upgrade for select public sector undertakings (PSUs) in the defence and shipping sectors, with Cochin Shipyard Ltd and Garden Reach Shipbuilders & Engineers Ltd (GRSE) emerging as key candidates.

According to sources, the Department of Public Enterprises (DPE) is examining a proposal from the Ministry of Ports, Shipping and Waterways to elevate Cochin Shipyard from Miniratna to Navratna status. In parallel, GRSE’s upgrade is at an advanced stage, with DPE having already cleared the proposal.

An inter-ministerial committee is currently undertaking the final evaluation of GRSE’s case, and a decision is expected as early as next month.

The proposed upgrades are aimed at enhancing operational and financial autonomy for these companies. Navratna status would allow their boards to approve investments of up to Rs 1,000 crore without requiring prior government approval, enabling faster decision-making and strategic expansion.

Separately, the government is also reviewing the broader criteria for Ratna classifications to strengthen accountability and align PSU performance benchmarks with evolving economic priorities.

The move signals a calibrated push to empower high-performing PSUs while tightening oversight frameworks.