New Delhi: The government is working on an index to measure rise in prices within the services sector that includes telecom, banking and aviation sectors.
“We have identified 8-10 sectors which forms part of the Services Price Index ... sectoral study has been done,” official sources said.
The price index will include sectors such as telecom, transportation, banking, insurance, ports and aviation, sources said.
The practices adopted by the developed countries, particularly by the US, the UK, Australia and Japan, in compilation of services price indices with particular reference to concepts, scope and coverage, methodology for identification of representative services and index calculation has been reviewed.
Pilot project has started, sources said, adding that consultants have been appointed by the commerce ministry which has collected data for 2003-07 period.
The process of post 2007 data collection is going on and after the comprehension of data it would be presented to the working group headed by Planning Commission member Abhijit Sen, sources said.
Last year, the Department of Industrial Policy and Promotion (DIPP), the ministry of commerce and industry constituted an expert committee to render technical advice for development of Services price index and its related issues.
The committee headed by C P Chandrasekhar of Centre for Economic Studies and Planning, Jawaharlal Nehru University provided guidance in the context of concept, methodology, coverage, related aspects and other important issues for the Services Sector Index.