India has tracked factory output for decades. It never had a monthly scorecard for services — until now.
Key Facts
- The Index of Services Production (ISP) is India’s first monthly indicator for the services sector, released by MoSPI on 14 July 2026.
- It works as a services-sector counterpart to the Index of Industrial Production (IIP), which tracks manufacturing, mining, and utilities. See IndEco0110 — Index of Industrial Production (IIP) for its full methodology.
- The ISP’s base year is 2024-25. A Technical Advisory Committee, chaired by Debjani Ghosh, designed it.
- The trial phase covers 19 formal services sub-sectors, together about 60% of India’s services economy.
- Regular monthly releases follow, on the 29th of each month, with a lag of roughly 60 days.
- On 14 July 2026, MoSPI released the first actual ISP data, for 19 sub-sectors, for April 2026. Fourteen of the 19 sub-sectors posted double-digit growth over April 2025. Accommodation and Food led at 37.2%, followed by Retail Trade (30.8%) and Administrative & Support Services (28.7%). (Source: PIB)
- 29 July 2026: MoSPI released ISP data for May 2026. 16 of the 19 sub-sectors grew year-on-year, and 8 posted double-digit growth.
- The fastest-growing sub-sectors were Accommodation and Food (27.4%), Real Estate (17.7%), Retail Trade (13.3%), Banking (12.1%), and Telecommunications (11.8%).
- 3 sub-sectors contracted: Information and Broadcasting (-7.6%), Air Transport (-2.8%), and Postal and Courier Services (-1.0%).
- On 7 July 2026, the Technical Advisory Committee formally released its report on the ISP’s compilation methodology (Base Year 2024-25). (Source: PIB)
- On 24 June 2026, MoSPI released a detailed FAQ booklet on the ISP’s methodology. A Technical Advisory Committee, formed in May 2025, had earlier issued an Approach Paper on 27 April 2026. (Source: PIB)
- ISP draws on three data sources. Administrative data covers Air Transport, Railways, Banking, and Insurance; GST data covers most other sub-sectors; ASISSE data covers Health and Education. (Source: PIB)
- ISP mainly uses CPI-based deflators, to convert nominal GST revenue into real output. WPI is used for wholesale trade, and it is compiled as a fixed-weight Laspeyres volume index. (Source: PIB)
- ISP only covers the formal sector. It excludes public administration, defence, gambling, and Government-run health and education services. (Source: PIB)
Why It Matters
Services generate over half of India’s GVA. Until the ISP, there was no monthly gauge for this sector, unlike the IIP for industry. The ISP fills that gap. It draws on GST data, administrative records, and the Annual Survey of Incorporated Services Sector Enterprises (ASISSE).
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