New Index of Services Production will be based on GST, admin and survey-based data
The Indian government is launching a new Index of Services Production (ISP) that will primarily utilize GST data to track the formal services sector. The index aims to provide a consistent measure of economic activity, though it will exclude informal small businesses.
Why it matters
This index will provide policymakers with a more accurate and periodic snapshot of India's growing services economy.
The new upcoming Index of Services Production (ISP) will rely heavily on Goods and Services Tax (GST) data to arrive at its estimates of services sector production, the report of the technical committee tasked with designing the index framework has said.
The article objectively describes a government technical report and its methodology.
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