The first export processing zone in India was set up in which of the following year?
Show answer & explanation
Correct answer: B
Explanation
Kandla: India's First Export Processing Zone (EPZ)
India established Asia's first Export Processing Zone (EPZ) in Kandla, Gujarat, in 1965 to promote exports.
Objective: Its main objective was to earn foreign exchange, promote export-oriented production, and create employment opportunities.
Historical Significance: India was the first country in Asia to recognize the effectiveness of the EPZ model in boosting exports.
Conversion to SEZ: Later, under the new policy announced in 2000, these EPZs were converted into Special Economic Zones (SEZs). The SEZ Act was passed in 2005, which came into effect in 2006.
Key Differences Between EPZs and SEZs: