That Indian Railways (IR) is in the midst of a humongous capex surge (INR8.56tn investment plan over 2015-19, 1.9x 2000-15) is well known. What, however, has surprised most is the unprecedented speed at which the plan is bearing fruit—FY17 capex >2x FY15—and the wide array of segments where investments are happening. While IR’s historically indolent image had led to many doubting the governmen...