Which Indian port was designated as the site of the country's first Export Processing Zone (EPZ)?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer:
Kandla
Explanation:
Kandla (located in Gujarat) was designated as the site of India's and Asia's first Export Processing Zone (EPZ), established in 1965. It was set up primarily to promote export-oriented industrialization, attract foreign direct investments, and boost international trade. In 2000, it was converted into a Special Economic Zone (SEZ).
Key Points:
The Kandla Export Processing Zone (KASEZ) served as a pilot initiative for establishing tax-free enclaves to encourage foreign trade. Later, the concept of EPZs was overhauled and modernized under the Special Economic Zones (SEZ) Act of 2005. Kandla Port (officially renamed Deendayal Port) is a major port on the west coast of India in the Gulf of Kutch.
Important Questions and Answers:
Question: In which year was India's first Export Processing Zone established at Kandla?
Answer: 1965.
Question: Into which type of zone were India's older Export Processing Zones (EPZs) eventually restructured?
Answer: Special Economic Zones (SEZs).