What were the demands of the nationwide railway strike in 1974?

The correct answer is Option (1) → Bonus and service conditions

Option (1) Bonus and service conditions — Correct. The National Coordination Committee for Railwaymen’s Struggle, led by George Fernandes, called the strike of May 1974 for demands related to bonus and service conditions.

Option (2) Price inflation — Incorrect. Rising prices were behind the student movements in Gujarat and Bihar; the railway employees struck over bonus and service conditions.

Option (3) Impact of liberalisation — Incorrect. Liberalisation came only in the 1990s, long after the 1974 strike.

Option (4) Corrupt practices in locomotive industry — Incorrect. Corruption in high places was a charge of the Gujarat and Bihar student movements; the railway employees struck for their own bonus and service conditions.