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India's mammoth state railways, much of them stuck in colonial times, have missed earnings targets for the third straight year and debts have shot up, raising doubts about an ambitious modernisation drive. The previously unreported figures will make uncomfortable reading for Prime Minister Narendra Modi, the son of a train station tea seller who set out plans to overhaul the world's fourth largest rail network after he took power in 2014. Modi's $133 billion, five-year program backed by private and public investment aimed to boost passenger and freight volumes, lay new tracks, introduce modern trains and drive growth to help meet ambitious economic targets.
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