The critical lessons from Indian Railways Story relate to mindsets, respect, faith and persistence. Mindsets in an organization embody its history and culture. After the introductory chapter, we explore the history of Indian Railways with a view to understanding the mindsets and culture of present day Indian Railways. In the third chapter, we present changes in Indian Railways after 1947. We present an account of the crises that Indian Railways faced in the 1970s and 1980s. In the fourth chapter, we examine the financial crisis of the 1990s and present the findings and recommendations of the Rakesh Mohan committee. In this chapter, we also set out our ideas on change management, particularly relating to routines and mindsets. In the fifth chapter, we present an account of changes were initiated in Indian Railways. We present the analysis of Indian Railways that was undertaken in 2004, before changes were initiated. We consider how mindsets were changed and identify the specific strategies that were used to change mindsets. In the sixth chapter, we present specific initiatives such as commercial orientation, reducing turn-around time, carrying higher wagon loads and increasing passenger amenities. In the last chapter, we reflect on the change management experience of Indian Railways between 2004 and 2008 and draw lessons for administrators, policy makers, and managers.