The Ministry of MSME, through the MSME Act, has laid down a framework to promote micro, small and medium enterprises and provide required support for their sustenance and growth. In order to do so, it has created a National Industrial Classification for all economic activities carried out by businesses across India. This National Industrial Classification which is commonly known as NIC Code was created in partnership with the Central Statistical Organization which operated under the Ministry of Statistics and Programme Implementation. The current version of the National Industrial Classification being used was developed in 2008, whereas this task initially commenced in 1960 various versions have been used till date. The latest version currently used was adopted in 2008.