New Delhi, April 29 -- The Ministry of Statistics and Programme Implementation (MoSPI) is exploring the use of aggregated Goods and Services Tax (GST) data on outward supplies as a proxy to track short-term production trends in Indias services sector.
The move is part of its efforts to develop a high-frequency Index of Service Production (ISP).
The proposed ISP aims to function as a real-time indicator, similar to the Index of Industrial Production (IIP), to better capture movements in the services sector, which contributes over 50 per cent to Indias Gross Value Added (GVA), reported Financial Express.
Coverage, Methodology and Data Gaps
According to an approach paper, MoSPI has proposed 2024-25 as the base year for compiling trial...