Union Government modernizes NIC-1987 to NIC-2008
Union Ministry of Commerce and Industry upgraded the National Industrial Classification -1987 (NIC-1987) to NIC-2008.
The upgrade to NIC-2008 will facilitate new businesses as it is more investor friendly and more in sync with international practices as compared to the older version of NIC Code.
It provides a more modern industrial classification system in line with changes in the structure and composition of the economy and changing user requirements and compatibility with international standards.
National Industrial Classification
NIC is used for the purpose of classification of activities in respect of industrial license/ IEM proposals submitted to the Department of Industrial Policy & Promotion. It is an essential statistical benchmark for developing and maintaining comparable database as per economic activities. Such classifications are often used in classifying the economically active population, statistics of industrial production and distribution, the different fields of labor statistics and other economic data such as national income. India’s Central Statistical Organization (CSO) has been finalizing NIC since 1960.
Categories: India Current Affairs 2017