The Ministry of Statistics & Programme Implementation (MoSPI) plays a crucial role in compiling essential economic and social indicators, conducting household surveys, and shaping policy decisions based on quality of life insights. MoSPI is responsible for producing vital statistics like the Gross Domestic Product estimates, the Consumer Price Index, and the Index of Industrial Production. These statistics, gathered through regular household surveys, offer valuable evidence for evaluating social and economic progress.
MoSPI, under the leadership of Rao Inderjit Singh, emphasizes that these surveys provide valuable insights into various aspects of social and economic development, crucial for assessing the well-being of individuals. Additionally, MoSPI oversees the monitoring of the National Indicator Framework for Sustainable Development Goals, focusing on indicators related to health, education, gender equality, and environmental sustainability to enhance citizens’ overall well-being.
The ministry recently announced the finalization of the framework for India’s inaugural Index of Services Production (ISP), with the trial monthly series scheduled for release on July 14. This new index aims to provide a comprehensive monthly gauge of short-term movements in India’s services sector, complementing the existing Index of Industrial Production and marking a significant advancement in measuring the country’s service industry.
The services sector, contributing around 53% of India’s Gross Value Added (GVA), is a major source of employment and a key driver of economic growth, investment, and exports. The availability of Goods and Services Tax (GST) data has notably strengthened India’s statistical system by offering monthly insights into the outward supplies reported by millions of businesses.
