Indian shares extend fall to 1 pct

MUMBAI, July 2 (Reuters) - Indian shares extended losses to 1 percent on Thursday afternoon as investors worried over the government's high fiscal deficit and need for sweeping reforms, outlined in an economic survey.

The survey released by the government ahead of Monday's budget said India's fiscal deficit ballooned to 6.2 percent in 2008/09. Faster economic growth was possible if infrastructure development was accelerated, it said. [ID:nDEL000136]

At 1.17 p.m. (0747 GMT), the 30-share BSE Index .BSESN was down 1 percent at 14,497.25 points.

The 50-share NSE index .NSEI was down 1.06 percent at 4,295 points. (Reporting by Prashant Mehra)