What is the Full Form of NIC Code ?

NIC - National Industrial Classification

The National Industrial Classification is an essential Statistical Standard for developing and maintaining comparable data base according to economic activities.

National Industrial (Activity) Classification namely NIC plays a very vital role in maintaining standards of data collection, processing and presentation besides its wide range of applications in policy formulation and policy analysis. This classification is used in all types of censuses and sample surveys conducted in India. The National Statistical Office (NSO) in the Ministry of Statistics and Programme Implementation is the nodal authority for bringing out the National Industrial Classification in India. The first classification was NIC-62 followed by NIC-70, NIC-87 and NIC-98,NIC-2004. The latest and sixth Industrial Classification namely NIC-2008 has been developed and released by NSO.

The Central Statistical Organisation of the Ministry of Statistics and Programme Implementation being nodal statistical authority is vested with the responsibility of setting up standards for collection, compilation and dissemination of statistical data. The official statistical data are required to be collected and presented according to classification designed to facilitate their use for national economic policy and for international comparison. Comparability of statistics available from various sources, on different aspects of the economy, and usability of such data for economic analysis are prerequisite for standardization of a system of classification

The Central Statistical Organisation (CSO), which is responsible for coordination of statistical activities in the country as well as for evolving and maintaining statistical standards took up the task of evolving a standard industrial classification as early as in 1960 and evolved a Standard Industrial Classification (SIC) in 1962. To take care of the significant changes in the organization and structure of industries, the necessity to revise the industrial classification has been felt from time to time. With this objective, the CSO revised SIC 1962 in 1970 (NIC-70), NIC-1970 in 1987 (NIC-87) and NIC-87 in 1998 (NIC-98). It is during 1998, 4-digit of ISIC-3 was folled in toto in NIC-1998 and these 4-digits were extended up to 5-digits based on national needs. After release of the United Nations International Standard Industrial Classification (ISIC) - 2002 Rev. 3.1, NIC-1998 was updated keeping consistent with ISIC Rev 3.1 and the updated version, namely NIC-2004 was adopted.