- A devastating earthquake struck the Kutch district of Gujarat on January 26, 2001. - To promote industrial development and recovery in the affected region, the government under Prime Minister Atal Bihari Vajpayee announced a package of incentives, including a five-year excise duty exemption for new units and existing units undertaking substantial expansion or diversification in Kutch.
In the year 2001, the Prime Minister announced a five-year excise duty holiday for industries in
Asked in UPPCS Prelims 2002 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
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