The Ministry of Statistics and Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) in July 2026. The ISP is a monthly macroeconomic indicator that measures short-term growth in India’s services sector. It is the services-sector counterpart of the Index of Industrial Production (IIP) and aims to improve economic monitoring.
The services sector contributes over 50% of India’s Gross Value Added (GVA) and has been the largest sector of the economy since 2013-14.
A Technical Advisory Committee (TAC) on ISP was formed in May 2025 under the chairpersonship of Debjani Ghosh.
The base year of the ISP is 2024-25.
Initially, the index will cover major formal service industries, including:
- Wholesale and retail trade
- Transport
- Banking and insurance
- Telecommunications
- Hotels and restaurants
- Real estate
- Professional and technical services
- Arts and entertainment
Health and education services will be included later after data becomes available from the Annual Survey of Incorporated Services Sector Enterprises (ASISSE).
Trial monthly indices for 2025-26 and April 2026 will be released on 14 July 2026. Thereafter, monthly trial indices will be published with a 60-day time lag.
The ISP will use data from:
- GST returns
- Administrative records
- ASISSE surveys
- Quantity-based indicators for sectors such as railways and air transport
The index will be compiled using the fixed-weight Laspeyres volume methodology, with sectoral weights based on their contribution to GVA.
Importance of ISP:
- Provides timely information on the performance of the services sector.
- Complements the Index of Industrial Production (IIP).
- Improves economic forecasting and business cycle analysis.
- Supports evidence-based policymaking.
