Once a giant, public sector Bharat Heavy Electricals Ltd (BHEL) is fast turning into a dwarf. Faulty policies of the UPA-II government that continue till date in the NDA regime are sapping the vitality of this engineering specialist. Hit by the double whammy of declining order book and margin, its net profit in the last few years has nose-dived. From a healthy Rs 6,615crores in financial year (FY) 2012-13, it plummeted about 45 per cent to Rs 3,503 crores in FY 2013-14; and from there it sunk about 100 per cent to Rs 1,450 crores in FY 2014-15. At this level it faces the real risk of losing its Maharatna status, having breached the mandatory average (of three consecutive years) net-profit figure of Rs 5,000 crore to retain the status. Another public sector giant SAIL too is playing on the margins to save its prestigious ‘Maharatna’ status, thanks to erroneous and perverse policies of the central government.