New Delhi, June 1 -- India's fiscal deficit surged to Rs.3.62 trillion in April, nearly doubling from a year earlier, driven by a sharp decline in revenue receipts and a jump in expenditure in the first month of the ongoing financial year.

The decline in receipts followed the Centre's decision in March to cut excise duty on petrol and diesel by Rs.10 per litre each to shield consumers from elevated global crude prices due to the war in West Asia, resulting in a revenue loss of nearly Rs.14,000 crore.

The fiscal deficit in April, reflecting the gap between expenditure and revenue financed by borrowing, reached 21.4% of the Rs.16.96 trillion budget target for FY27, according to the latest accounts released by the Controller General of Acc...