Crude oil · 1 January 1979
Second oil shock (Iranian revolution, Iran–Iraq war)
Arabian Light official price ~US$13 (1978) → ~US$32–34 (1980–81), reported
Precursor to the 1981 IMF EFF
ReportedOfficial record. Source: OPEC ASB
Prime Ministers: Morarji Desai, Charan Singh
The Age Of Stars
Partition, planning, aid consortia and nationalised banks.
Vol. CVThe edition of 1979 · The Planned Republic7 records
- Prime Ministers
- Morarji Desai · Charan Singh
- President
- N. Sanjiva Reddy
- Finance Ministers
- Hirubhai M. Patel · Charan Singh · Morarji Desai · Hemwati Nandan Bahuguna
- RBI Governor
- I.G. Patel
Bank Rate
9%
unchanged on 1978
Rupee per dollar
₹8.16
−0.5% on 1978
Inflation
6.28%
+3.75 pts on 1978
GDP growth
-5.24%
−10.95 pts on 1978
Reserves
$11,815m
+42.1% on 1978
External debt
$18,190m
+10.1% on 1978
Markets & Money
2 itemsUS interest rates; developing-country external debt · 6 October 1979
Volcker shock", US monetary tightening
The 1991-crisis article I opened states: "The Volcker shock caused capital outflows from the developing world, causing external dollar denominated debt crises and economic slowdowns in Latin America and other developing countries, including India." Numerical rate levels are owned by the MARKET_RATE slice
ReportedPress. Source: https://en.wikipedia.org/wiki/1991_Indian_economic_crisis
geopolitics / aid flows · 25 December 1979
Soviet invasion of Afghanistan
Re-froze the Cold War; US aid and arms flowed to Pakistan; India abstained on the UN condemnation and kept Soviet ties
ReportedPress. Source: https://en.wikipedia.org/wiki/Soviet%E2%80%93Afghan_War
War & Unrest
4 itemsCentral / South Asia
Soviet war in Afghanistan
India did not condemn the USSR at the UN (Jan 1980). US arms flowed to Pakistan (1981 package). The war coincided with the second oil shock and the run-up to the 1981 IMF EFF
ReportedOfficial record. Source: UNGA ES-6/2 (1980) voting record; FRUS / CRS
West Asia / Persian Gulf
Iranian revolution (Jan–Feb 1979)
Removal of a major crude supplier and the trigger of the 1979–80 oil price surge; disruption of Indian expatriate contracts and remittance flows in the Gulf
ReportedPress. Source: (s. "After the Iranian Revolution") (en.wikipedia.org)
South-Central Asia
Soviet invasion of Afghanistan (from 1979-12-24)
India abstained on the UN resolution condemning the intervention and preserved Soviet arms and trade ties; the war drove US military and economic aid to Pakistan and expanded the Afghan transit trade; Cold War re-freeze constrained India–US economic relations
ReportedPress. Source: https://en.wikipedia.org/wiki/Soviet%E2%80%93Afghan_War
Afghanistan
Soviet–Afghan War
Refugee spillover to Pakistan; Pakistan's militarised economy; the India–USSR arms relationship; no direct Indian budgetary cost documented in the sources I opened
ReportedPress. Source: https://en.wikipedia.org/wiki/Soviet%E2%80%93Afghan_War
