{"id":53843,"date":"2026-07-10T13:58:52","date_gmt":"2026-07-10T08:28:52","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=53843"},"modified":"2026-07-10T13:58:57","modified_gmt":"2026-07-10T08:28:57","slug":"index-of-services-production","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/","title":{"rendered":"Index of Services Production 2024-25: MoSPI Launches India&#8217;s New Monthly Services Sector Indicator"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Index_of_Services_Production_is_Indias_new_monthly_economic_indicator_launched_by_MoSPI_with_the_2024-25_base_year_Learn_its_objectives_methodology_sectors_covered_significance_historical_background_key_takeaways_FAQs_and_MCQs_for_UPSC_SSC_Banking_Railways_Defence_and_State_PSC_exams\" >Index of Services Production is India&#8217;s new monthly economic indicator launched by MoSPI with the 2024-25 base year. Learn its objectives, methodology, sectors covered, significance, historical background, key takeaways, FAQs, and MCQs for UPSC, SSC, Banking, Railways, Defence, and State PSC exams.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#India_Introduces_a_New_Indicator_to_Measure_the_Services_Sector\" >India Introduces a New Indicator to Measure the Services Sector<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Why_the_Index_of_Services_Production_is_Needed\" >Why the Index of Services Production is Needed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Base_Year_and_Methodology\" >Base Year and Methodology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Coverage_of_the_New_Index\" >Coverage of the New Index<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Data_Sources_Used\" >Data Sources Used<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Importance_for_Economic_Policy\" >Importance for Economic Policy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Relevance_for_Government_Exam_Aspirants\" >Relevance for Government Exam Aspirants<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#B_Why_this_News_is_Important\" >B) Why this News is Important<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#A_Major_Reform_in_Indias_Statistical_System\" >A Major Reform in India&#8217;s Statistical System<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Importance_for_Economic_Decision-Making\" >Importance for Economic Decision-Making<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Importance_for_Competitive_Examinations\" >Importance for Competitive Examinations<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#C_Historical_Context\" >C) Historical Context<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Growth_of_Indias_Services_Sector\" >Growth of India&#8217;s Services Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Need_for_a_Dedicated_Services_Index\" >Need for a Dedicated Services Index<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Development_of_the_ISP\" >Development of the ISP<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#D_Key_Takeaways_from_%E2%80%9CIndex_of_Services_Production_ISP%E2%80%9D\" >D) Key Takeaways from &#8220;Index of Services Production (ISP)&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Frequently_Asked_Questions_FAQs\" >Frequently Asked Questions (FAQs)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#1_What_is_the_Index_of_Services_Production_ISP\" >1. What is the Index of Services Production (ISP)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#2_Which_ministry_has_launched_the_Index_of_Services_Production\" >2. Which ministry has launched the Index of Services Production?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#3_What_is_the_base_year_of_the_Index_of_Services_Production\" >3. What is the base year of the Index of Services Production?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#4_Why_was_the_Index_of_Services_Production_introduced\" >4. Why was the Index of Services Production introduced?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#5_Which_methodology_is_used_to_compile_the_ISP\" >5. Which methodology is used to compile the ISP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#6_Which_major_sectors_are_covered_under_the_ISP\" >6. Which major sectors are covered under the ISP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#7_Which_existing_economic_indicator_is_similar_to_the_ISP\" >7. Which existing economic indicator is similar to the ISP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#8_Why_is_the_ISP_important_for_the_Indian_economy\" >8. Why is the ISP important for the Indian economy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#9_Why_is_this_topic_important_for_competitive_examinations\" >9. Why is this topic important for competitive examinations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#10_Which_organization_prepares_Indias_official_national_statistics\" >10. Which organization prepares India&#8217;s official national statistics?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/edunovations.com\/currentaffairs\/national\/index-of-services-production\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Index_of_Services_Production_is_Indias_new_monthly_economic_indicator_launched_by_MoSPI_with_the_2024-25_base_year_Learn_its_objectives_methodology_sectors_covered_significance_historical_background_key_takeaways_FAQs_and_MCQs_for_UPSC_SSC_Banking_Railways_Defence_and_State_PSC_exams\"><\/span><strong>Index of Services Production<\/strong> is India&#8217;s new monthly economic indicator launched by MoSPI with the <strong>2024-25 base year<\/strong>. Learn its objectives, methodology, sectors covered, significance, historical background, key takeaways, FAQs, and MCQs for UPSC, SSC, Banking, Railways, Defence, and State PSC exams.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"India_Introduces_a_New_Indicator_to_Measure_the_Services_Sector\"><\/span>India Introduces a New Indicator to Measure the Services Sector<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The Ministry of Statistics and Programme Implementation (MoSPI) has released the report of the Technical Advisory Committee on the <strong>Index of Services Production (ISP)<\/strong> with <strong>2024\u201325 as the base year<\/strong>. The ISP is a new high-frequency economic indicator that will measure monthly changes in the output of India&#8217;s services sector, similar to how the Index of Industrial Production (IIP) measures industrial output. The first trial indices are scheduled for release in July 2026, followed by regular monthly releases.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_the_Index_of_Services_Production_is_Needed\"><\/span>Why the Index of Services Production is Needed<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">India&#8217;s services sector contributes more than half of the country&#8217;s Gross Value Added (GVA) and plays a vital role in employment, exports, digital transformation, finance, tourism, and information technology. Despite its importance, India has not had a comprehensive monthly indicator to track short-term changes in service sector production. The ISP fills this gap by providing policymakers, businesses, researchers, and investors with timely data on the performance of major service industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Base_Year_and_Methodology\"><\/span>Base Year and Methodology<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The ISP has adopted <strong>2024\u201325<\/strong> as its base year to reflect the latest structure of the Indian economy. The index will be compiled using a <strong>fixed-weight Laspeyres volume index<\/strong>, with sectoral weights based on the National Accounts Statistics (NAS). This methodology is similar to internationally accepted practices for compiling production indices.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Coverage_of_the_New_Index\"><\/span>Coverage of the New Index<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Initially, the ISP will cover major formal service sectors such as wholesale and retail trade, transport, storage, hotels and restaurants, financial services, insurance, telecommunications, information technology, professional services, real estate, and entertainment activities. These sectors together account for nearly two-thirds of India&#8217;s service sector GVA. Health and education services are expected to be incorporated later when suitable data become available.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Data_Sources_Used\"><\/span>Data Sources Used<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The index will rely on multiple administrative and statistical data sources. GST return data will play a major role in estimating output for several service industries. Sector-specific indicators such as railway traffic, air passenger movement, telecommunications data, and enterprise surveys will also be used to ensure accurate estimation of service sector production.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_for_Economic_Policy\"><\/span>Importance for Economic Policy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The availability of a monthly services production index will strengthen India&#8217;s statistical system and improve evidence-based policymaking. Since the services sector contributes over 50% of India&#8217;s economy, the ISP will help governments monitor economic momentum, evaluate sectoral performance, formulate fiscal and monetary policies, and respond more quickly to changes in economic conditions. It will also complement existing indicators such as GDP, IIP, CPI, and WPI.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Relevance_for_Government_Exam_Aspirants\"><\/span>Relevance for Government Exam Aspirants<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The launch of the ISP is highly relevant for UPSC, State PSC, SSC, Banking, RBI, NABARD, Railways, and other competitive examinations. Questions may be asked regarding the objective of the index, its base year, methodology, sectors covered, MoSPI&#8217;s role, and its importance in measuring India&#8217;s service economy.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\" id=\"Index-of-Services-Production\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcQiXOrAPZzODGu6fDsF3d2_6CsvsBy1xgvAtQIVl_N0Rg&amp;s=10\" alt=\"Index of Services Production\" style=\"width:638px;height:auto\" title=\"Index of Services Production\"\/><figcaption class=\"wp-element-caption\">Index of Services Production<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"B_Why_this_News_is_Important\"><\/span>B) Why this News is Important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Major_Reform_in_Indias_Statistical_System\"><\/span>A Major Reform in India&#8217;s Statistical System<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The introduction of the Index of Services Production marks a significant improvement in India&#8217;s official statistical framework. Until now, policymakers relied mainly on quarterly GDP estimates and other indirect indicators to assess the performance of the services sector. The ISP provides a regular monthly measure, enabling quicker assessment of economic trends.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_for_Economic_Decision-Making\"><\/span>Importance for Economic Decision-Making<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A reliable monthly services index helps the Reserve Bank of India, the Ministry of Finance, businesses, investors, and researchers make informed decisions. It allows early identification of economic slowdowns or recoveries and supports timely policy interventions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_for_Competitive_Examinations\"><\/span>Importance for Competitive Examinations<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">For government examination aspirants, this development is important because questions related to newly launched indices, reports, committees, ministries, and economic indicators frequently appear in UPSC, State PSC, RBI Grade B, NABARD, SSC CGL, Banking, and other examinations. Students should remember:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ministry responsible: MoSPI<\/li>\n\n\n\n<li>Base year: 2024\u201325<\/li>\n\n\n\n<li>Counterpart of IIP for services<\/li>\n\n\n\n<li>Monthly indicator<\/li>\n\n\n\n<li>Uses Laspeyres volume index methodology<\/li>\n\n\n\n<li>Covers major formal service sectors<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"C_Historical_Context\"><\/span>C) Historical Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Growth_of_Indias_Services_Sector\"><\/span>Growth of India&#8217;s Services Sector<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Since the economic reforms of 1991, India&#8217;s services sector has become the largest contributor to national income. Information technology, financial services, telecommunications, tourism, logistics, healthcare, and professional services have driven economic growth and employment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Need_for_a_Dedicated_Services_Index\"><\/span>Need for a Dedicated Services Index<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While India has long published the Index of Industrial Production (IIP) for manufacturing, mining, and electricity, there was no comparable monthly indicator for services. Experts recommended developing such an index to better reflect the changing structure of the Indian economy, where services contribute more than half of GVA.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Development_of_the_ISP\"><\/span>Development of the ISP<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">MoSPI constituted a Technical Advisory Committee to design the methodology, identify reliable data sources, determine sectoral weights, and recommend the base year. After consultations and trial exercises, the committee proposed the 2024\u201325 base year, leading to the release of the report and the planned launch of the monthly ISP.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"D_Key_Takeaways_from_%E2%80%9CIndex_of_Services_Production_ISP%E2%80%9D\"><\/span>D) Key Takeaways from &#8220;Index of Services Production (ISP)&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>S. No.<\/th><th>Key Takeaway<\/th><\/tr><\/thead><tbody><tr><td>1<\/td><td>MoSPI has released the Technical Advisory Committee report on the Index of Services Production (ISP).<\/td><\/tr><tr><td>2<\/td><td>The base year for the new index is <strong>2024\u201325<\/strong>.<\/td><\/tr><tr><td>3<\/td><td>ISP will provide a monthly measure of India&#8217;s formal services sector output.<\/td><\/tr><tr><td>4<\/td><td>The index is compiled using the fixed-weight Laspeyres volume index methodology.<\/td><\/tr><tr><td>5<\/td><td>ISP complements the Index of Industrial Production (IIP) and strengthens economic monitoring in India.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">Index of Services Production<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_the_Index_of_Services_Production_ISP\"><\/span>1. What is the Index of Services Production (ISP)?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Index of Services Production (ISP) is a new monthly economic indicator developed by the Ministry of Statistics and Programme Implementation (MoSPI) to measure changes in the output of India&#8217;s services sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Which_ministry_has_launched_the_Index_of_Services_Production\"><\/span>2. Which ministry has launched the Index of Services Production?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Ministry of Statistics and Programme Implementation (MoSPI)<\/strong> has launched the Index of Services Production (ISP).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_is_the_base_year_of_the_Index_of_Services_Production\"><\/span>3. What is the base year of the Index of Services Production?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The base year of the ISP is <strong>2024\u201325<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Why_was_the_Index_of_Services_Production_introduced\"><\/span>4. Why was the Index of Services Production introduced?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It was introduced to provide a reliable monthly indicator of the performance of India&#8217;s services sector, similar to the Index of Industrial Production (IIP) for the industrial sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Which_methodology_is_used_to_compile_the_ISP\"><\/span>5. Which methodology is used to compile the ISP?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The ISP is compiled using the <strong>fixed-weight Laspeyres Volume Index<\/strong> methodology.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Which_major_sectors_are_covered_under_the_ISP\"><\/span>6. Which major sectors are covered under the ISP?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The ISP covers sectors such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Wholesale and Retail Trade<\/li>\n\n\n\n<li>Transport and Storage<\/li>\n\n\n\n<li>Hotels and Restaurants<\/li>\n\n\n\n<li>Financial Services<\/li>\n\n\n\n<li>Insurance<\/li>\n\n\n\n<li>Telecommunications<\/li>\n\n\n\n<li>Information Technology<\/li>\n\n\n\n<li>Real Estate<\/li>\n\n\n\n<li>Professional Services<\/li>\n\n\n\n<li>Entertainment and Other Services<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_Which_existing_economic_indicator_is_similar_to_the_ISP\"><\/span>7. Which existing economic indicator is similar to the ISP?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Index of Industrial Production (IIP)<\/strong> is the industrial counterpart of the ISP.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Why_is_the_ISP_important_for_the_Indian_economy\"><\/span>8. Why is the ISP important for the Indian economy?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It provides timely information on the performance of the services sector, helping policymakers, investors, businesses, and researchers make informed economic decisions.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_Why_is_this_topic_important_for_competitive_examinations\"><\/span>9. Why is this topic important for competitive examinations?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Questions on newly launched indices, economic indicators, ministries, base years, committees, and statistical reports are frequently asked in UPSC, State PSC, SSC, Banking, RBI Grade B, NABARD, Railways, and other government examinations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Which_organization_prepares_Indias_official_national_statistics\"><\/span>10. Which organization prepares India&#8217;s official national statistics?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Ministry of Statistics and Programme Implementation (MoSPI)<\/strong> is responsible for compiling and publishing most of India&#8217;s official statistical data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><br><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button 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rel=\"noreferrer noopener\">Current Affairs In Hindi<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--6\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/news-and-notifications\/\" target=\"_blank\" rel=\"noreferrer noopener\">News and Notifications<\/a><\/div>\n<\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.edunovations.quiz\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" width=\"900\" height=\"150\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1.jpg\" alt=\"Download this App for Daily Current Affairs MCQ&#039;s\" class=\"wp-image-247\" title=\"\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/03\/Banner-current-affairs-2-1.jpg 900w, 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Learn its objectives, methodology, sectors covered, significance, historical background, key takeaways, FAQs, and MCQs for UPSC, SSC, Banking, Railways, Defence, and State PSC exams. India Introduces a New Indicator to Measure the Services Sector The Ministry of&#8230;<\/p>\n","protected":false},"author":6,"featured_media":53879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,153],"tags":[4006,225,1841,8957,248,38582,267,12922,22481,21931],"class_list":["post-53843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-miscellaneous","tag-banking-awareness","tag-current-affairs","tag-economic-survey","tag-economy-news","tag-government-schemes","tag-index-of-services-production","tag-indian-economy","tag-mospi","tag-ssc-current-affairs","tag-upsc-economy"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/53843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=53843"}],"version-history":[{"count":3,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/53843\/revisions"}],"predecessor-version":[{"id":53880,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/53843\/revisions\/53880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/53879"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=53843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=53843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=53843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}