The government is planning to release the results of the Annual Survey of Service Sector Enterprises (ASSSE) by the end of the year, which would help create a base for GDP revision, sources told Moneycontrol.
While the government tracks formal industries using the Annual Survey of Industries (ASI) and the informal sector through the Annual Survey of Unincorporated Sector Enterprises (ASUSE), the coverage of formal service companies is limited.
The results of the ASSSE are expected to bridge the gap. The results when announced will be the first release by the government on the services sector.
In 2019-20, the government had decided to conduct ASSSE on a regular basis on the lines of ASI, which is done annually.
The service sector of the economy contributes to over half of the country’s GDP.
Bigger formalisation
The results of the ASUSE released earlier this year showed that India had formalised Rs 26 lakh crore of economy over the past seven years.
An SBI Research note had pointed out that the share of the informal economy had fallen to 23.7 percent in FY23 from 25.9 percent in FY16.
An earlier analysis of ASUSE data had shown that internet usage by the informal sector for taking and placing orders, using UPI increased by almost 50 percent in 2022-23 compared with the previous year, according to the results of surveys released by the government on Friday.
The government has released the results of the 2022-23 ASUSE survey. The ASI results have been released for 2021-22.
Moneycontrol has reported that the government is also starting work on the eighth economic census to create a database of all formal and informal establishments across the country.
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