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The Indian railways is one of the world's largest state-owned enterprises with around 1.4 million employees, over 63,000 kilometres of network, running around 13,000 trains each day. Bankruptcy to Billions reveals for the first time how the Indian railways transformed from near bankruptcy to post US$ 6 billion (Rs 25,000 crore) annual cash surplus in 2008. Using data, analyses, and insight, the book reveals how the turnaround story was scripted in just four years between 2005 and 2008. Capturing the fine balance between the commercial and the social, the book shows that the transformation is the result of several constrained nnovations--political, commercial, operational and maintenance and investment-related. Articulating the 'how' aspect of inclusive reforms--how creative thinking and strategic action triggered this veritable revolution without burdening the poorer consumers--the book draws lessons that can be applied to other public sector services like water supply, energy, irrigation, and public transport. The real story of the transformation of the Indian railways, Bankruptcy to Billions will prove indispensable for policymakers, management professionals, students, as well as general readers.