Drone manufacturing, portable petrol pumps, biomass pellet manufacturing to be included under NIC code | The Financial Express

Drone manufacturing, portable petrol pumps, biomass pellet manufacturing to be included under NIC code

Ease of doing business for MSMEs: The MSME ministry has written to the NIC cell under the DC (development commissioner) office for “necessary action” of including the said activities under NIC codes.

Drone manufacturing, portable petrol pumps, biomass pellet manufacturing to be included under NIC code
The unique NIC code is provided by the government to track and analyse the business proceedings for businesses.

Ease of doing business for MSMEs: The MSME Ministry in an office memorandum published on its portal has noted the request received from stakeholders in the MSME ecosystem to include multiple activities under the National Industrial Classification (NIC) codes. According to the office memorandum signed by the MSME Deputy Director of Policy RK Parmar on November 18, 2022, the request pertains to the inclusion of drone manufacturing, portable petrol pump/portable service stations, biomass pellet manufacturing, etc. 

According to the memorandum, the codes suggested by the Ministry of Statistics and Programme Implementation in a letter dated August 23, 2022, were 26515 for the inclusion of drone manufacturing, 47300 for the inclusion of portable petrol pump/portable service stations and 38300 for the inclusion of biomass pellet manufacturing. The MSME Ministry also received a request for the inclusion of technical textiles which according to the statistics ministry is already covered under NIC code bearing code 13999. 

The MSME ministry has written to the NIC cell under the DC (development commissioner) office for “necessary action” of including the said activities under NIC codes. The unique NIC code is provided by the government to track and analyse the business proceedings for businesses and also to ascertain how much each economic activity is contributed towards national wealth. 

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NIC code is also required for MSME registration on the Udyam portal. Importantly, last year the Reserve Bank of India (RBI) had informed that retail and wholesale traders with NIC codes will be allowed to register on the Udyam portal after the government announced their inclusion under the MSME classification. 

Those operating in retail and wholesale trade and repair of motor vehicles and motorcycles with NIC code 45, Wholesale trade except of motor vehicles and motorcycles with NIC code 46, and Retail trade except of motor vehicles and motorcycles with NIC code 47 were allowed to benefit under the revised guideline. 

Also read: Covid-hit micro enterprises struggling to recover with sales at 44%, profit at 31% of pre-lockdown levels: Survey

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First published on: 21-11-2022 at 08:08:02 pm
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