Index for services, like IIP, in offing

New Delhi: After years of discussion, India’s official statistical machinery is set to compile an index of service production (ISP), which will complement the existing index of industrial production (IIP) and help improve the assessment of short-term performance of the economy.Besides, the index will be useful for augmenting the list of indicators used for compilation of quarterly estimates, first and second advance estimates and the provisional estimates of the country’s national accounts.The National Statistical Office Monday released a consultation paper delineating methodology that will be used to prepare the new index. The paper is open for stakeholder comments until May 5.The draft proposes to exclude services provided by informal sector, which accounts for nearly 33% of the total services GVA, due to paucity of data from the data sources under consideration. It also proposes a temporary exclusion of health and education sector, which accounts for 10% of the services GVA, till results of annual survey of incorporated service sector enterprises (ASISSE) become available.