India, Sept. 10 -- The Government of India issued the following news release:
The Ministry of Statistics and Programme Implementation (MoSPI) is the nodal Ministry for setting standards for collection, compilation and dissemination of data. The Ministry is undertaking a number of structural reforms to improve timeliness, quality and granularity of data such as updating the base year of the major indicators, refining methodologies of various surveys to enable local level data collection and updating various statistical classifications. As part of these efforts, the Ministry has now revised its National Industrial Classification (NIC)-2008 and prepared the draft NIC-2025.
The National Industrial Classification (NIC) serves as a foundational tool utilized across multiple domains, including statistical surveys, censuses, economic research, registration processes, and for policy formulation by central and state government agencies. India brought out its first Standard Industrial Classification in 1962. Thereafter, it was regularly revised in consonance with the revisions in the International Standard Industrial Classification (ISIC) to NIC 1970, NIC 1987, NIC 1990, NIC 1998, NIC 2004 and NIC 2008.
A comprehensive revision of the NIC-2008 became due after the approval and adoption of ISIC Revision 5 in 2024 by the United Nations Statistical Commission. The revision was also imperative due to the significant structural and technological changes that have occurred in the Indian economy, including the emergence of new industries, services, and technological advancements that require appropriate inclusion and representation.
The draft NIC-2025 has been formulated under the aegis of an Expert Committee comprising of eminent academicians, economists, industry associations and experts from various domains. Extensive consultations were also done with stakeholders, including central Ministries/ Departments, industry experts, and other relevant organizations.
The draft NIC-2025 is in sync with the ISIC Revision 5 up to the Class (4-Digit) level to ensure comparability of data across countries. The ultimate level (Sub-Class) was used to accommodate the national level requirements. Here special emphasis has been given to the Renewable energy sector, Fintech services, Intermediation activities, AYUSH health system, E-commerce, Digital economy, etc. To accommodate the above, the number of Sub-Classes in the draft NIC-2025 has gone up significantly to around 1900 from 1304 in NIC-2008.
The increase in the number of Sub-Classes is primarily due to the increased granularity brought in sectors like Health, Finance, Agriculture, Information and Telecommunication. These refinements would enable more accurate measurement of contribution of various sectors/ sub-sectors of the economy for their better tracking, coverage and effective policy making.
The rest of the document can be viewed at https://www.pib.gov.in/PressReleasePage.aspx?PRID=2165272
Disclaimer: Curated by HT Syndication.
