New Index of Services Production will be based on GST, admin and survey-based data
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📌 Summary:
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The upcoming Index of Services Production (ISP) will rely heavily on Goods and Services Tax (GST) data to estimate services sector production, per the technical committee report that designed the index framework
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Where GST data is unavailable, the ISP will use a combination of administrative data and the Annual Survey of Incorporated Services Sector Enterprises (ASISSE)
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The committee describes the index as a "unique blend" of multiple data sources and methodologies
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The ISP will fill a long-standing statistical gap: India has the IIP for industry but no high-frequency output index for services, which contribute over half of GVA
🎯 UPSC Relevance: GS3 Indian Economy — national statistics and measurement of the services sector; complements IIP in tracking economic activity
📝 Prelims Facts:
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ISP = Index of Services Production; designed by a technical committee (MoSPI)
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Primary data source: GST data; fallback: administrative data + ASISSE survey
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ASISSE = Annual Survey of Incorporated Services Sector Enterprises
🔑 Key Term: Index of Services Production (ISP) — a proposed high-frequency index to measure output of India's services sector, analogous to the Index of Industrial Production (IIP) for industry.
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