3. What were the causes and consequences of the oil crises of the 1970s on India's economy

• Causes:
  • The text mentions “run-away inflation fuelled by hike in oil prices” in the context of the Fifth Plan (1974-79).
  • It does not explicitly detail the causes of the oil crises themselves.
• Consequences:
  • Contributed to high inflation.
  • Exacerbated economic crisis.
  • Led to the Fifth Plan being prepared in this backdrop.