Can India reform its telecom market and save Vodafone Idea in the process?

Just as Vodafone Idea NSE -2.79 % Ltd. was about to drown under the weight of its $30 billion debt, India has thrown a lifeline to the U.K. operator’s local joint venture. The rescue is only one of the tea leaves Group CEO Nick Read will read as he weighs the all-important question: Has India stopped being what Deutsche Bank AG analysts recently described as “the most painful market” to operate a telecom? The answer will decide if it’s time to make a fresh play for the 1.4-billion-person market.