يحاول ذهب - حر

Reclassing India's new-age economy

September 26, 2025

|

Business Standard

An overhaul of the National Industrial Classification framework seeks to include new activities that better capture India's changing economy. The data is expected to help economic policymaking

- SHIVA RAJORA

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 revision exercise now underway is of a far greater magnitude than previous ones.

The first such classification of economic activity in the country came in 1962, with updates and revisions in 1970, 1987, 1998, 2004, and 2008.

The importance of NIC

The NIC is basically a set of several fivedigit codes - a standardised numerical system developed by the Mospi - to classify and categorise various economic sectors, whose output is then added to arrive at the country's gross domestic product (GDP). It also serves as a foundational tool for organising data related to industries and businesses. For example, in agriculture, forestry and fishing, code 01116 pertains to growing groundnut seeds for producing groundnut oil, while 01117 is for sunflower seeds, also for making oil.

These codes are also instrumental in capturing economic activity through statistical surveys such as the Annual Survey of Industries, informal sector surveys, the Economic Census, and the Ministry of Corporate Affairs (MCA) database. They further support economic research, registration processes, and policy formulation by both central and state government agencies, as well as private sector stakeholders.

What's the process?

المزيد من القصص من Business Standard

Business Standard

Mkts up for 2nd day on IT gains

Stock markets closed higher for the second straight session on Tuesday, driven by gains in bank, IT, and capital goods shares.

time to read

1 min

February 18, 2026

Business Standard

Cooling hub Sri City gets a Carrier legacy stamp

Firm to invest ₹1,000 cr to set up AC mfg unit

time to read

2 mins

February 18, 2026

Business Standard

India, France forge ‘special global strategic partnership’

The facility will be operated by Tata Advanced Systems Limited, with Singh and his French counterpart in attendance.

time to read

2 mins

February 18, 2026

Business Standard

Business Standard

India a beacon of hope in uncertain times, says Modi

India is a stabilising force in a world marked by geopolitical churn and economic uncertainty, said Prime Minister Narendra Modi in a message to the Global Economic Cooperation (GEC) 2026 conference in Mumbai.

time to read

1 min

February 18, 2026

Business Standard

Air India, Lufthansa group plan joint biz agreement to deepen collaboration

Air India and the Lufthansa group plan to enter into a joint business agreement wherein the two sides will collaborate on multiple strategic areas, including coordinated route planning and flight schedules in specific markets.

time to read

1 mins

February 18, 2026

Business Standard

Business Standard

Warner Bros reopens talks as Paramount signals higher bid

Warner Bros Discovery has agreed to reopen negotiations with rival Hollywood studio Paramount Skydance after the suitor proposed raising its bid

time to read

2 mins

February 18, 2026

Business Standard

Business Standard

An illiberal tilt

We are witnessing a clash of civilisations with American characteristics

time to read

4 mins

February 18, 2026

Business Standard

Dr Reddy’s to launch generic obesity drug at 50-60% discount

Indian drugmaker Dr Reddy’s Laboratories hopes to launch a generic version of Novo Nordisk’s blockbuster weight-loss drug Wegovy at a competitive price that could be up to 60 per cent lower than the branded product, a top executive told Reuters on Tuesday.

time to read

1 min

February 18, 2026

Business Standard

Business Standard

India doesn’t need hand-down versions of AI products: Intel

The aspirations of India and the Global South are no less than those of other countries when it comes to artificial intelligence (AI) development across all layers of hardware and software, Santhosh Viswanathan, vice president and managing director (VP & MD) of Intel India, said on Tuesday.

time to read

1 mins

February 18, 2026

Business Standard

Focus on consumers

RBI's draft proposals will make banking experience better

time to read

2 mins

February 18, 2026

Listen

Translate

Share

-
+

Change font size