Policy pivot: Will the latest oil shock finally jolt India into looking outward for economic success?

In 1973, Japan pivoted to a manufacturing base re-engineered around fuel efficiency, led by its ministry of international trade and industry, in response to an oil shock. Korea’s 1973 heavy and chemical industries (HCI) drive built Posco, Hyundai and its wider heavy-industry base; the 1979–80 shock then forced a stabilization programme that converted that base into export capacity.