Off the track

Service charge waiver to rob IRCTC of profitability

There was much cheer among investors when Finance Minister Arun Jaitley announced, as part of this year’s Budget on February 1, that three public sector railway enterprises – Indian Railway Catering and Tourism Corporation (IRCTC), Indian Railway Finance Corporation (IRFC) and Ircon International – would soon be listed on the stock exchanges. The government holds 100 per cent stakes in the three entities and Mr Jaitley stated that doing so would “foster greater public accountability and unlock the true value of these companies”. He was buoyed by the “overwhelming response” that the exchange-traded fund (ETF) comprising shares of 10 central