Industrial classification set for a makeover, in line with new-age economy

An overhaul of the National Industrial Classification framework seeks to include multiple new activities that better capture a changing economy, data from which is expected to help policymaking

Earlier this month, the Ministry of Statistics and Programme Implementation (Mospi) put out a note inviting feedback from stakeholders on the draft National Industrial Classification (NIC) framework. Being revised for the first time since 2008, it aims to capture structural and technological changes in the Indian economy, including new industries and services that need inclusion and representation in official statistics. 

The last time there was such a long hiatus in revising the NIC was between 1970 and 1987. In recent years, the pace of socioeconomic change has quickened and enterprises across sectors have undergone broad shifts. As a result, the