Preface

IR, the world’s third largest network and one among the largest employers, has been contributing to the industrial, economic and social development of the country. It faced a severe financial crisis in 2001 which resulted in abnormal hike in freight rate. This coupled with lack of customer oriented services, led to giving up of its market share to roadways. However, certain measures taken to control cost and increase revenue brought IR from the acute financial crisis to a noticeable success in 2005-06, which is technically known as ‘turnaround’. It had great relevance because the Railway was on the verge of bankruptcy in 2001 and the turnaround was achieved without pinching the rail users by increasing fares and at the same time upholding its social obligations by offering concessions to the privileged classes.