National Industrial Classification Upgraded to More Investor Friendly, Internationally-Attuned System

As per extant usage, National Industrial Classification-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. 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.

Henceforth, 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.

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