For a concise understanding of the history and events leading up to post, check out this article and also this article which surmises well the potential outcomes and consequences of this spectacular drama.
With one of the highest tax rates (29% of revenue) and spectrum charges among countries coupled with low consumer prices, it is harder to turn a profit for the telecom companies. The stopgap measure necessary to continue with operations would be to rack up more and more debt, which is unsustainable without a fundamental shift in profitability. With only 3 major players in the market of which 2 are ailing with poor balance sheets, it is likely that the industry consolidates into a monopoly should there be no relief on the fees payable.
There seems to be no winner in this three way tug of war (telecom companies, DoT and SC) and the days of cheap data for consumers will likely end when monopoly/duopoly is achieved.
In light of the above issues and India’s domestic political situation (read: here), I would refrain from further investments into the country in favor of other nations with greater stability and transparency. The addressable market in India is a huge potential upside. However the downside seems more apparent in this case.