Indian Strategic Studies Forum(@ISSF_India):The 1973 oil shock hit India’s economy hard. The oil import bill surged from $414 million to nearly $1.35 billion in 1974 - consuming ~40% of export earnings. This triggered massive inflation, driving up the cost of everyday commodities, petrol, and electricity.

Indian Strategic Studies Forum

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Indian Strategic Studies Forum@ISSF_India

2026.06.23 11:56

The 1973 oil shock hit India’s economy hard. The oil import bill surged from $414 million to nearly $1.35 billion in 1974 - consuming ~40% of export earnings. This triggered massive inflation, driving up the cost of everyday commodities, petrol, and electricity.