Previous Year Question
Where was Asia's first Export Processing Zone (EPZ) established in India?
Correct Answer: B
Detailed Solution
Asia's first Export Processing Zone (EPZ) was established at Kandla in Gujarat in 1965. According to the official SEZ India portal of the Ministry of Commerce and Industry, Government of India, India was among the earliest Asian countries to adopt the EPZ model, and Asia's first EPZ was set up in Kandla in 1965.
According to the official portal of the present Kandla Special Economic Zone (KASEZ), the zone is located in the Kutch district of Gujarat near Kandla, now Deendayal Port. It was established as an Export Processing Zone in 1965 and was later upgraded to a Special Economic Zone (SEZ) in November 2000.
The basic purpose of an EPZ was to promote exports, attract foreign investment, generate employment and provide special facilities to export-oriented industries. India subsequently announced the SEZ Policy in April 2000, and the SEZ framework later received a statutory basis through the SEZ Act, 2005 and the SEZ Rules.