Why in News?
The Ministry of Statistics and Programme Implementation (MoSPI) released the report of the Technical Advisory Committee (TAC) on compiling the Index of Services Production (ISP) with base year 2024-25. The trial ISP series will be released on 14 July 2026.
Key Highlights
- ISP will be India’s first monthly indicator to measure short-term performance of the services sector.
- Services contribute about 53% of India’s Gross Value Added (GVA).
- It will complement the Index of Industrial Production (IIP).
Data Sources
- GST aggregated data for market-based services.
- Administrative data from Railways, Aviation, Banking and Insurance.
- ASISSE data for Health and Education.
Technical Features
- Base Year: 2024-25
- Index Type: Laspeyres Volume Index
- Classification: 2-digit NIC 2025
- Weights: Gross Value Added (GVA)
- Release: Monthly, within 60 days of the reference month.
Significance
- Provides a high-frequency indicator for the services sector.
- Improves economic policymaking and monitoring.
- Enhances India’s statistical system using GST-based data.
[2020] With reference to the international trade of India at present, which of the following statements is/are correct?
1. India’s merchandise exports are less than its merchandise imports.
2.India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
3.India’s exports of services are more than its imports of services.
4.India suffers from an overall trade/current account deficit.
Select the correct answer using the code given below:
a) 1 and 2 only
b) 2 and 4 only
c) 3 only
d) 1, 3 and 4 only