MoSPI Releases First Trial Index of Services Production [ISP]

MoSPI Releases First Trial Index of Services Production [ISP]

• Released by: National Statistics Office [NSO], Ministry of Statistics and Programme Implementation.[MoSPI]
• What: First trial Sub-sectoral Index of Services Production - India's first official monthly indicator of services-sector output, complementing Index of Industrial Production [IIP].
• Purpose: New macroeconomic indicator to capture performance of services sector.
• Features:
  • First high-frequency indicator dedicated to measuring services sector output.
  • Tracks short-term changes in volume of output produced by formal services sector relative to base year.
• Significance of Services Sector: Largest contributor to GDP, >50% of Gross Value Added since 2013-14.
• UPSC Relevance: GS3 - Economy, GDP measurement, Service-led growth.
• Mains Angle: Need for better measurement of services, formal vs informal, IIP vs ISP.