SWITCHING OVER FROM NIC - 1987 TO NIC - 2008 - FEMA - Press Note No. 4 (2014 Series)

Government of India Ministry of Commerce Industry Department of Industrial Policy Promotion Press Note No. 4 (2014 Series) Subject : SWITCHING OVER FROM NIC - 1987 TO NIC - 2008 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 to NIC-2008 will assist new businesses, being more investor friendly and internationally-attuned, as compared to the previous version of NIC Code. 2. 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. 3. The above decision will take immediate effect. (Shubhra Singh) Joint Secretary to the Government of India D/o IPP File No. : No. 7/3/2012-IP dated 27.06.2014 Copy forwarded to: Press Information Officer, Press Information Bureau- for giving necessary publicity. NIC in the Department of Industrial Policy and Promotion- for uploading the Press Note on DIPP s website. Hindi Division- DIPP for providing Hindi version.