In which year did India established its first Export Processing Zone (EPZ)?
Show answer & explanation
Correct answer: A
Explanation
Correct Answer:
Option 1: 1965
Explanation:
India established its first Export Processing Zone (EPZ) in 1965 at Kandla in Gujarat. The main objective was to promote exports and earn foreign exchange. Industries in EPZs were given incentives such as tax exemptions and simplified regulations. This concept later evolved into Special Economic Zones (SEZs). It played a crucial role in industrial and trade development in India.
Additional Facts:
Option 2: 1969 is incorrect.
Option 3: 1978 is incorrect.
Option 4: 1984 is incorrect.
Probable Exam Questions:
Q: Where was India’s first EPZ established?
A: Kandla, Gujarat
Q: What is the full form of SEZ?
A: Special Economic Zone
Q: What is the objective of EPZ?
A: Promote exports
Q: When was SEZ Act implemented?
A: 2005