Salient features of NIC 2008
NATIONAL INDUSTRIAL CLASSIFICATION – 2008
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, revises the base year of the macroeconomic indicators, as a regular exercise, to capture structural changes in the economy and improve the quality and representativeness of the indices. In this direction, the base year of the all-India Index of Industrial Production (IIP) has also been revised from 2004-05 to 2011-12 to not only reflect the changes in the industrial sector but to also align it with the base year of other macroeconomic indicators like the Gross Domestic Product (GDP), Wholesale Price Index (WPI).
Revisions in the IIP are necessitated to maintain the representativeness of the items and producing entities and also address issues relating to the continuous flow of production data. In the past, such changes were effected at the time of a revision in the base year. With the release of the new series of IIP (base 2011-12), an institutional mechanism has been established for facilitating dynamic revision of the item list of products and the panel of factories, through a Technical Review Committee, chaired by Secretary, Ministry of Statistics & PI. This Committee will meet at least once a year for identifying new items that need to be included in the item basket and removing those that have lost its relevance in the industrial sector or are no longer being produced.
IIP in the revised series will continue to represent the Mining, Manufacturing and Electricity sectors. The revised series uses the National Industrial Classification (NIC) 2008 for the purpose of classification of industrial production. The unit coverage of IIP will, as before, cover entities in the organized sector units registered under the Factories Act, 1948.
The revised series uses the National Industrial Classification (NIC)
2008 for the purpose of classification of industrial production. The selection of items in the new series has been done at the 3-digit level of NIC for better representation as compared to selection at 2 digit level done in 2004-05 series. National Industrial Classification (NIC)-2008 is being adopted in the new series instead of NIC-2004.
- NIC 5 Digit: 05000
- Use-Based Classification: Primary Goods
- Item Groups: Mining Index
|Sl. No.||NIC code||Mineral|
|5||COAL & LIGNITE|
|6||PETROLEUM (CRUDE) & NATURAL GAS (UT.)|
|3||610||NATURAL GAS (UT.)|
|9||7100||IRON ORE (TOTAL)|