The correct answer is: Only I is strong.
Argument I is strong because it is based on the principle of self-defense. India has a right to defend itself against its enemies, and acquiring/manufacturing the latest nuclear weapons would help India to do so.
Argument II is weak because it is based on the assumption that money spent on nuclear weapons cannot be spent on other things. However, it is possible to spend money on both nuclear weapons and development activities.
Argument III is weak because it is based on the assumption that the international community will isolate India if it acquires/manufactures the latest nuclear weapons. However, there is no evidence to support this assumption. In fact, many countries in the world have nuclear weapons, and they are not isolated by the international community.
Argument IV is weak because it is based on the assumption that acquiring/manufacturing the latest nuclear weapons will go against India’s policy of maintaining world peace. However, it is possible to acquire/manufacture nuclear weapons for defensive purposes, and this would not go against India’s policy of maintaining world peace.
In conclusion, only Argument I is strong.