New Delhi, Jun 27 (KNN)  The government today said it has changed the industrial classifications bringing them at par with global standards and helping new businesses to become more internationally attuned.

“Henceforth, National Industrial Classification ( NIC-2008)  code would be followed in place of NIC-1987 for classification of activities, thus, allowing Indian businesses to undertake globally recognized and accepted classification that facilitate smooth approvals/ registrations and categorization”, an official release said.  

Earlier (NIC-1987) version was applicable for the purpose of classification of activities in respect of industrial license/ IEM proposals submitted to the Department of Industrial Policy and Promotion.

“It has been decided to switch over to the NIC-2008, which is an improved version providing a more contemporary industrial classification system in the light of changes in the structure and composition of the economy, changing user requirements and compatibility with international standards. The upgradation decision, with immediate effect, to NIC-2008 will assist new businesses, being more investor friendly and internationally-attuned, as compared to the previous version of NIC Code”, it said.  

The National Industrial Classification (NIC) is an essential Statistical Standard for developing and maintaining comparable data base according to economic activities. Such classifications are frequently used in classifying the economically active population, statistics of industrial production and distribution, the different fields of labour statistics and other economic data such as national income.
 
Comparability of statistics available from various sources, on different aspects of the economy, and usability of such data for economic analysis, are prerequisite for standardization of a system of classification.  (KNN/ES)