With a view to improve the ease of doing business, the government has aligned the foreign direct investment policy with the upgraded National Industrial Classification (NIC) Code.
The code will classify business activities and help the industry in seeking policy approvals for specific activities.
"With the objective of improving ease of doing of business, an exercise has been undertaken to map the activities...Of the Consolidated FDI Policy, 2014 with the National Industrial Classification - 2008," the Department of Industrial Policy and Promotion (DIPP) said.
All the economic activities are classified as per the NIC Code. The classification is necessary for seeking industrial licenses and submitting industrial entrepreneurs memorandum.
The DIPP, which is under the Ministry of Commerce and Industry, is the nodal agency on FDI policy. It compiles all policies related to India's FDI regime into a single document to make it simple and easy for investors to understand.
FDI inflows during April-October of the current financial year grew by 26 per cent to USD 17.34 billion from USD 13.82 billion in the same period a year earlier.
