The Ministry of Statistics and Programme Implementation (MoSPI) in India has proposed the creation of an Index of Services Production (ISP) using Goods and Services Tax (GST) data, targeting a base year of 2024-25. The ISP will encompass various sub-sectors, including wholesale and retail trade, transport, banking, insurance, and real estate, among others. This initiative aims to provide high-frequency data that complements the existing Index of Industrial Production (IIP) and captures short-term economic trends. To ensure accuracy, the approach paper suggests employing different deflators for each sub-sector, such as the Wholesale Price Index (WPI) and Consumer Price Index (CPI). However, the proposal acknowledges limitations, including the lack of data for sectors contributing to nearly 33% of Gross Value Added (GVA) and reliance on GST data, which excludes smaller service providers with a turnover below ₹20 lakh (approximately $24,000 USD). MoSPI is seeking feedback from experts and stakeholders on this methodology by May 5.