Abstract:

Business Model Innovation (BMI) is a rapidly evolving field of research that has been widely recognized as a strategic prospect for seizing new opportunities, leading to changes in a firm’s value generation and distribution. However, in the context of a dynamic business environment, where stakeholder demands and market competition are ever-changing, the concept of Business Model Innovation has become increasingly important. Indian Railways are no exception to this phenomenon, and to remain competitive, they require redesigning their business models through BMI. Therefore, there is a need to take stock of current knowledge in this field. Therefore this study reviews the literature on BMI. Despite the significance of BMI in the context of Indian Railways, there is a dearth of research on this topic. In this study, we review the literature on barriers to innovation in business models. A systematic literature review was carried out using PRISMA guidelines. A total of 107 articles published in reputed journals such as the Scopus, Elsevier, Emerald databases between 2010 and 2023 were analysed. This study identifies institutional, organizational, strategic, resource, technological, financial, and cultural factors, as well as resistance to change and conflicts as the barriers to existing business models relevant to the Indian railways, given its large, complex, and historically rooted structure. This study offers valuable insights for policymakers, researchers, and industry stakeholders. It serves as a foundation for future research and strategic decision-making in Indian Railways.