Union Government on 5 January 2015 aligned the Foreign Direct Investment (FDI) policy with the upgraded National Industrial Classification (NIC) - 2008. This was done with an aim to improve the ease of doing business.
The code will classify business activities and allow the industry to seek policy approvals for specific activities.
Department of Industrial Policy and Promotion (DIPP) said that the action has been undertaken to map the activities of the Consolidated FDI Policy, 2014 with the National Industrial Classification, 2008.
In India all economic activities are classified in accordance to NIC code and classification is necessary for seeking industrial licenses and submitting industrial entrepreneurs’ memorandum.
DIPP, functional under the Ministry of Commerce and Industry, is the nodal agency on FDI policy. This agency compiles all policies related to India's FDI regime into a single document to make it simple and easy for investors to understand.
What: by Union Government
When: on 5 January 2015