GENERAL KNOWLEDGE

Detailed explanation-1: -The correct answer is 1997-98. In 1997, government gave the status of Navaratna to 9 Public Sector enterprises(PSEs) giving them greater autonomy to compete in the global market.

Detailed explanation-2: -Navaratna (Sanskrit: ) is a Sanskrit compound word meaning “nine gems” or “ratnas". Jewellery created in this style has important cultural significance in many southern, and south-eastern Asian cultures as a symbol of wealth, status, and also as having other claimed talismanic benefits to health and wellbeing.

Detailed explanation-3: -In the year 1997 (month of October), the Government of India decided to grant a particular type of status to certain companies and give them more power and autonomy to compete in the global market. The primary aim of the Government of India is to make these PSUs much more competitive and efficient.

Detailed explanation-4: -The government identifies PSUs and declares them as Maharatnas, Navratnas and Miniratnas in order to improve their efficiency and enable them to compete globally. They are given greater managerial and operational autonomy in taking various decisions.