Foreign brokerage HSBC today said despite financial support from the Centre, Indian state governments' fiscal deficit widened more than budgeted and the gap will remain at the elevated level in 2017-18.
Madhya Pradesh, Tamil Nadu and Telangana will issue UDAY bonds on a private placement basis to raise a total of Rs 18,107.93 crore.
According to the global financial services firm, despite higher transfers from the centre, an analysis of 18 state Budget documents suggests that the state governments on aggregate clocked slightly wider deficits than budgeted at the start of the year.
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