Oil shock and surprise

Print edition : February 16, 2018

April 29, 1974: When Prime Minister Indira Gandhi called on the Shah of Iran at Niavaran Palace in Tehran. Photo: The Hindu Archives

March 25, 1974: Saddam Hussein, Vice-President of Iraq, in New Delhi. Indira Gandhi set up two task forces to maximise exports of projects, products, technology and skills to OPEC countries to pay for the oil India was importing. Photo: The Hindu Archives

How the Indira Gandhi government dealt with the oil price hike of 1973 by signing beneficial agreements with Iraq and Iran.
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