About Index of Services Production:
- It is a short-term indicator designed to measure changes over time in the volume of output produced by the services sector relative to a specified base period.
- It measures changes in the real output of service-producing industries over time.
- It is being developed with 2024-25 as the proposed base year and will primarily use Goods and Services Tax (GST) data to track activity.
- Principal Data Sources:
- Administrative data for sectors such as air transport, railways, banking, and insurance
- GST data for wholesale and retail trade, hospitality, road and water transport, warehousing, telecommunications, real estate, information technology services, professional services, and entertainment
- Annual Survey of Incorporated Services Sector Enterprises (ASISSE) data for health and education services, which are expected to be incorporated into the framework at a later stage.
- It will primarily reflect the formal sector as it is compiled using outward supply of enterprises registered under GST.
- Weights assigned in ISP: Weights are based on sectoral contributions to Gross Value Added (GVA) available from National Account Statistics.
