UPSC CDS GS Economy Questions Part 2

Both the statements (1) and (2) are correct regarding NIC. NIC2008, which replaced NIC 1987, would be followed for the classification of economic activities further. Such classifications arefrequently used in classifying the economically active population,statistics of industrial production and distribution, the different fieldsof labour statistics and other economic data, such as national income. The move will also help India to improve its ranking in ease of doing business.