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The Department of Economic Affairs fears significant default from large non-banking finance companies and housing finance companies in the next six weeks if no additional liquidity support is provided to these firms, according to media reports. The DEA, in a letter to the Ministry of Corporate Affairs, described the financial situation as “still fragile” when discussing the financial stability impact of the Infrastructure Leasing and Financial Service Ltd’s default, according to news website Money Control. A string of defaults at IL&FS have triggered sharp falls in Indian stock and debt markets amid fears of contagion within the rest of the country’s financial sector. Last month, the government took control of IL&FS to protect the financial system and markets from potential collapse, and replaced its board. The new board submitted a plan to revive the debt-laden firm this week. Nearly 2 trillion rupees of NBFC and HFC debt is due for redemption by the end of December, the DEA said in its letter. It said it estimates a funding gap of as much as 1 trillion rupees by the end of the year.

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