NEW DELHI - India faces a multi-billion-dollar hit to its economy and a tarnished reputation as a place for multinationals to invest unless it can keep Vodafone Idea in business.
It has said it cannot immediately pay the $3.9 billion it owes and its ability to survive was contingent on the government agreeing a flexible payment schedule. A 40 basis point increase in fiscal deficit roughly translates to a revenue loss of about 1 trillion rupees for Prime Minister Narendra Modi’s government, when it is facing the country’s first fall in direct taxes in decades.
“ is concerned with what is happening in the sector and its impact on the investment climate,” a top Finance Ministry official said, asking to remain anonymous. However necessary, some analysts are sceptical the government can pull together a relief plan in time.
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