Consider the following statements : 1. Government of India has recently upgraded the National Industrial Classification from NIC-1987 to NIC-2008. 2. NIC is an essential statistical standard for developing and maintaining comparable database according to economic activities. Which of the statements given above is/are correct?

The National Industrial Classification (NIC) is an essential statistical standard used for developing and maintaining a comparable database according to economic activities [1]. It facilitates the collection and presentation of official statistical data for national economic policy and international comparison [3]. Statement 1 is correct as the Government of India, specifically through the Department of Industrial Policy and Promotion (DIPP), upgraded the classification from NIC-1987 to NIC-2008 via Press Note 4 in 2014 to align with contemporary industrial structures. Statement 2 is correct as the NIC serves as the standard classification for all economic activities in India, ensuring comparability of statistics across various sources like the Annual Survey of Industries and national income accounts [2]. The NIC-2008 is based on the United Nations' International Standard Industrial Classification (ISIC) Rev. 4, ensuring global alignment [3].

Sources

1. [1] https://www.ncs.gov.in/Documents/NIC_Sector.pdf
2. [3] https://mospi.gov.in/sites/default/files/Statistical_year_book_india_chapters/Industry-writeup.pdf
3. [2] https://unstats.un.org/unsd/classifications/ExpertGroup/EGM2009/ac190-20.pdf