"Aligning NIC code with the FDI policy will smoothen implementability of the liberalised FDI policy regime. The Commerce and Industry Ministry is working to align the FDI policy with the National Industrial Classification (NIC) code with a view to promote ease of doing business for overseas investors. The exercise is important as there is lack of clarity with regard to the code and the FDI policy. The Department of Industrial Policy and Promotion (DIPP) has asked the Department of Economic Affairs to examine the draft on mapping of NIC code prepared by it. It will also remove ambiguity in the interpretation of NIC code and its linkage with the policy," the official added.

Source: dna July 31, 2016 05:15 UTC