UPSC Prelims Practice Questions — Index of Services Production:

Question 1

The Index of Services Production (ISP) is compiled as a 'fixed-weight Laspeyres volume index'. In this context, which one of the following best describes what this implies?

Accepted Answer

It measures changes in the real output of services using weights fixed at the base year, and is not a measure of price change

Answer

It measures changes in the average prices of services using base-year quantities as weights

Answer

It measures changes in the nominal turnover of services with weights updated every month

Answer

It measures changes in real output using current-year quantity weights, which are revised annually

Question 2

Which one of the following is the first official statistical product of India in which Goods and Services Tax (GST) data has been used as a source for statistical compilation?

Accepted Answer

Index of Services Production

Answer

Index of Industrial Production

Answer

Consumer Price Index

Answer

Wholesale Price Index

Question 3

The weights assigned to individual sub-sectors within the Index of Services Production are derived from which one of the following?

Accepted Answer

The share of each sub-sector in the Gross Value Added of the base year, reflecting its relative economic importance

Answer

The share of each sub-sector in total services exports

Answer

The share of each sub-sector in total employment in the services economy

Answer

The share of each sub-sector in the total GST revenue collected in the base year

Question 4

Consider the following statements comparing the Index of Services Production (ISP) with the Index of Industrial Production (IIP):
1. Both are compiled by the Ministry of Statistics and Programme Implementation and released at monthly frequency.
2. The ISP is released with a lag of about 60 days, whereas the IIP is now released on the 28th of every month with a lag of about 28 days.
3. The ISP is a price index whereas the IIP is a volume index.
Which of the statements given above is/are correct?

Accepted Answer

1 and 2 only

Answer

1 only

Answer

2 and 3 only

Answer

1, 2 and 3

Question 5

How many broad sectoral groups constitute the Index of Industrial Production, the industrial-sector counterpart of the ISP?

Accepted Answer

Three

Answer

Two

Answer

Six

Answer

Nineteen

Question 6

The Technical Advisory Committee constituted to guide the compilation of the Index of Services Production functions under the chairpersonship of which one of the following?

Accepted Answer

Ms. Debjani Ghosh, Distinguished Fellow, NITI Aayog

Answer

The Chief Statistician of India

Answer

The Vice-Chairperson of NITI Aayog

Answer

A Deputy Governor of the Reserve Bank of India

Question 7

The actual compilation and monthly release of the Index of Services Production is the responsibility of which one of the following?

Accepted Answer

Ministry of Statistics and Programme Implementation

Answer

NITI Aayog

Answer

Reserve Bank of India

Answer

Department for Promotion of Industry and Internal Trade

Question 8

The Index of Services Production draws upon how many primary categories of data sources?

Accepted Answer

Three

Answer

Two

Answer

Five

Answer

Seven

Question 9

The methodological framework adopted for India's Index of Services Production draws principally on which one of the following international standards?

Accepted Answer

The OECD Compilation Manual for an Index of Services Production, along with Eurostat guidelines

Answer

The IMF's Special Data Dissemination Standard

Answer

The United Nations System of National Accounts, 2008

Answer

The ILO's Resolution concerning statistics of work and employment

Question 10

Which one of the following broad sectors accounted for the largest share of India's Gross Value Added in 2024-25, a fact that underpinned the rationale for launching the Index of Services Production?

Accepted Answer

Services

Answer

Manufacturing

Answer

Agriculture and allied activities

Answer

Construction

UPSC Prelims Practice Questions — Index of Services Production:

Q1. The Index of Services Production (ISP) is compiled as a 'fixed-weight Laspeyres volume index'. In this context, which one of the following best describes what this implies?

Q2. Which one of the following is the first official statistical product of India in which Goods and Services Tax (GST) data has been used as a source for statistical compilation?

Q3. The weights assigned to individual sub-sectors within the Index of Services Production are derived from which one of the following?

Q5. How many broad sectoral groups constitute the Index of Industrial Production, the industrial-sector counterpart of the ISP?

Q6. The Technical Advisory Committee constituted to guide the compilation of the Index of Services Production functions under the chairpersonship of which one of the following?

Q7. The actual compilation and monthly release of the Index of Services Production is the responsibility of which one of the following?

Q8. The Index of Services Production draws upon how many primary categories of data sources?

Q9. The methodological framework adopted for India's Index of Services Production draws principally on which one of the following international standards?

Q10. Which one of the following broad sectors accounted for the largest share of India's Gross Value Added in 2024-25, a fact that underpinned the rationale for launching the Index of Services Production?