Read the following passage carefully and answer the given questions.

The 1970s decade distinctly emerges as a period marked by exceptional volatility in India, characterized by acute inflationary indeterminacy, primarily precipitated by supply-side perturbations stemming from escalations in agricultural commodities and crude oil prices. For the first instance since the inception of independence, inflation transcended the 20% threshold during the fiscal years 1973-74 and 1974-75, with a peak inflationary rate of 25.2%. In correspondence with this unprecedented surge in 1973, the import price deflator ascended precipitously, registering an amplification of 43.0% and 72.8% during 1973-74 and 1974-75, respectively. Concomitant with an extraordinary augmentation in international crude oil prices, which soared by over 250% in 1974, domestic fuel prices also underwent a steep elevation, averaging an annual increase of approximately 26.5% over the three years commencing from 1973-74. This sequence of events conspicuously mirrored itself, engendering a resurgence of elevated inflationary pressures in the fiscal year 1979-80.