What term describes the economic impact caused by the significant rise in oil prices after the Arab-Israel War?
Answer & explanation
Correct answer: option 2
The era of the nuclear test coincided with a challenging phase in domestic politics. The aftermath of the 1973 Arab-Israel War triggered a global Oil Shock due to a substantial rise in oil prices by Arab nations. This resulted in economic upheaval in India, leading to significant inflation. This period also witnessed various protests, including a nationwide railway strike. Despite minor variations in approaches to external relations, Indian politics predominantly reflects a broad consensus among parties concerning national unity, safeguarding international borders, and matters of national significance. As evident through the decade spanning 1962-1971, marked by three conflicts India faced, and even during subsequent shifts in power, foreign policy has played a limited role in the realm of party politics.