NEWS: The Ministry of Statistics and Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) in July 2026à To monitor short-term changes in India's services sector.

ABOUT

• Index of Services Production (ISP)à Monthly macroeconomic indicator that measures the real volume of output in the services sector.
• It is the services-sector counterpart of the Index of Industrial Production (IIP).
• Compiled and released by the Ministry of Statistics and Programme Implementation (MoSPI).

KEY FEATURES

• Base Year: 2024–25.
• Tracks the performance of the formal services sector, which contributes over 50% of India's Gross Value Added (GVA).
• Uses a fixed-weight Laspeyres Volume Index.
• Released monthly with a 60-day time lag (on the 29th of every month).

DATA SOURCES

• GST (GSTR-1) data for service turnover.
• Administrative records (Railways, Air Transport, Banking, Insurance).
• Annual Survey of Incorporated Services Sector Enterprises (ASISSE).

EXCLUSIONS

• Public Administration & Defence.
• Personal services.
• Social work without accommodation.
• Central bank monetary activities.
• Some sectors like Health and Education will be included later after complete survey data become available.