Union Government upgraded NIC-1987 to NIC-2008 to make it more investor friendly
Union Ministry of Commerce and Industry on 27 June 2014 upgraded the NIC-1987 to NIC-2008.
Union Ministry of Commerce and Industry on 27 June 2014 upgraded the National Industrial Classification -1987 (NIC-1987) to National Industrial Classification-2008 (NIC-2008).
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.
The NIC-2008 is an improved version over NIC-1987 which provides 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.
So far India has been using NIC-1987. NIC-1987 version is applicable for the purpose of classification of activities in respect of industrial license/ IEM proposals submitted to the Department of Industrial Policy & Promotion.
About National Industrial Classification
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.
In India, Central Statistical Organisation has been finalising National Industrial Classification since 1960.
The issue of standardization of industrial classification at the international level was deliberated in the First International Conference of Labour Statisticians (ICLS) as early as 1923.