Financial turnaround of the Indian Railways: Good Luck or Good Management?

We analyse the factors that led to the turnaround of the Indian Railways from
a low performing organisation to a high performing one. Literature on public
sector turnaround provides the theoretical underpinnings. Enterprise
turnaround is often ascribed to managerial leadership; we found that
environmental factors (good luck) contributed in a substantial way to the
success of Indian Railways. The implication of our study is that an
organisation’s turnaround success needs to be put in a wider context.