Pilot

Go for it if you have patience and will to get those licenses ASAP.
It's glamorous field but needs lots of hard work, patience and money. You will not regret after couple of years when you will start flying your dream machines.
But as being a pilot and engineer too I would say that I love flying and love everything about it.
Yes, it was hard to get job as pilot and that phase was most depressing one.
But today! I love my job and everyday seems like Sunday.
About 90/100 pilots love what they are doing.
This 40L you are talking about can be seen as your future investment as well.
In fact you will end up paying more than 40L.
Let's talk about job scenario, well India needs lots and lots of pilots but experienced one like those who got hours on type.
There are thousands of pilots out there with just 200hrs and some with type rating.
That's the problem.
And getting hours on type isn't easy at all.
I think it's more important that to whom you know rather then what do you know?
In short, I have seen people with 2o0hrs getting job with good contacts into airlines just because they got recommended by some big shot person out there.
And on other side, I would say it's better to get trained abroad & go back to India and convert your license to DGCA.
USA, Canada and Australia are among most popular countries.

There is no special courses for railway driver, but you have to complete ITI to become a railway driver.
ABOUT ITI
its a 2 year course,which trains the candidate to work in automobile sectors
ELIGIBILTY ~
10th pass with math and science.
ELIGIBILITY TO BECOME A LOCO PILOT
EDUCATIONAL QUALIFICATION
atleast matriculation with ITI course in specified trades.
AGE
18 - 30 year. for the general candidates.
age relaxation are being given to the reserved categories.
HOW TO BECOME A DRIVER
1. for becoming a railway driver you have to apply for the competative exam held for the job whenever declared by any of the 17 RRB'S of different zones in indian railway.
2. after clearing the exam the required tranning is been given.
3. you will be posted as a assistance loco pilot first on goods train then passenger train and at last express train.
4. after some years of experience you will be appointed as a loco pilot.
PAY SCALE ~
starting salary is 4000 - 5000 + incentives.

Hi Ishanuj,
You must have a minimum of 55% PCM in class 12th. If you are going to take your flying classes from government flying schools there will be an entrance test conducted by the Director General Civil Aviation or the DGCA. Being a pilot requires a lot of specialized technical training at various levels. In brief, the first level is that of a Student Pilot License (SPL), which allows the student to learn. After getting some training the student is provided with a Private Pilot License (PPL), which allows him to captain an aircraft without passengers. After gaining some training and experience he has to qualify for the Commercial Pilot Licence (CPL), which allows him to captain an aircraft with passengers. This license is provided by the Directorate General of Civil Aviation. The CPL endorses what aircraft you can fly. Most importantly you must be physically fit and you must undergo a medical test. Please read my article here:
https://www.shiksha.com/aviation/flying-pilot-training/articles/career-in-commercial-flying-all-you-need-to-know-blogId-13472#blogCommentSection