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The name given to the Indian Air Force`s first-ever day-night full combat and fire demonstration conducted recently at the Pokhran range is "Iron Fist." Option 1 - INDRA is not the correct answer as it refers to a joint military exercise between India and Russia. Option 2 - Exercise Malabar is also not the correct answer as it is a trilateral naval exercise involving the navies of India, Japan, and the United States. Option 3 - Yudh Abhyas is not the correct answer either as it is a bilateral military exercise between India and the United States focused on joint training and cooperation. Therefore, the correct answer is option 4 - Iron Fist. It is important to understand the names and purposes of various military exercises and demonstrations to have a broader knowledge of defense-related activities.