Indian Railways, the worlds 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 which is technically known as turnaround. The present study was undertaken in a situation...