₹2 lakh crore and counting: Telecom fees mount for Indian firms

Indian government is seeking at least $30 billion in overdue telecom fees from mobile-phone service providers to energy companies and fertilizer makers as it struggles to meet its budget deficit target with economic growth foundering.

Gujarat Narmada Valley Fertilizers & Chemicals Ltd. on Wednesday said the telecom ministry has ordered it to pay ₹15,020 crore ($2.1 billion) by January 23, more than 20 times the company’s annual profit. This follows a $3 billion demand from Vodafone Group Plc’s Indian unit, another $3 billion from Bharti Airtel Ltd., and reports that GAIL India Ltd. has been asked for $24 billion.

Prime Minister Narendra Modi must arrest a deterioration in public finances if he’s to boost spending and stimulate an economy that’s slumped to a six-year-low.