NEWS: The Ministry of Statistics and Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) with base year 2024–25.

Trial indices will be released from July 2026.

ABOUT

• The Index of Services Production (ISP) is a monthly high-frequency index that measures real output growth in India's formal services sector.
• It is similar to the Index of Industrial Production (IIP) for the industrial sector.

OBJECTIVES

• Provide timely information on services sector performance.
• Complement the IIP.
• Strengthen macroeconomic monitoring and GDP estimation.
• Support evidence-based policymaking.

KEY HIGHLIGHTS

• Base Year: 2024–25.
• Measures real output after removing the effect of price changes.
• Developed by MoSPI with guidance from a Technical Advisory Committee (2025).
• Uses administrative data, GST (GSTR-1) data, and Annual Survey of Incorporated Services Sector Enterprises (ASISSE).

COVERAGE

• Included Sectors: Trade, Transport & Logistics, Banking & Insurance, Telecommunications, Hotels & Restaurants, Real Estate, Information Technology, Professional & Technical Services, Administrative Services, Arts & Entertainment
• To be Included Later: Private Health Services, Private Education Services
• Excluded Sectors: Public Administration & Defence, Government Health & Education, Central Banking, Household & Personal Services, Gambling & Betting

SIGNIFICANCE

• Enables monthly assessment of the services sector.
• Improves GDP estimation and business cycle analysis.
• Helps RBI and Government take timely policy decisions.
• Aligns India's statistical system with international best practices.