Index of Service Production (ISP) Context: The Ministry of Statistics and Programme Implementation (MoSPI) is set to launch the 'Index of Service Production' (ISP) in July 2026 a new monthly macroeconomic index aimed at measuring short-term fluctuations in the growth of India's services sector. Designed as a services-sector counterpart to the Index of Industrial Production (IIP), the ISP will provide continuous and accurate data on the performance of the formal services sector and strengthen the country's economic monitoring framework. About Index of Service Production (ISP) The Index of Service Production (ISP) is an index proposed to continuously measure and monitor the performance and growth of India's service sector. It has been proposed by the Ministry of Statistics and Programme Implementation (MoSPI). Its framework has been developed by adhering to international best practices and following the guidance of the Technical Advisory Committee for the ISP. The ISP will function alongside the Index of Industrial Production (IIP) to provide continuous information on the service economy. The base year for this index will be 2024–25. It will primarily utilize data obtained from the Goods and Services Tax Network (GSTN). The index will cover key service sectors such as trade, transport, banking, insurance, hospitality, real estate, and professional services. It will assess data availability, sectoral coverage, and appropriate price adjustment factors in accordance with global standards. It is proposed that services from the informal sector will not be included in the index for the time being due to a lack of adequate data. The health and education sectors which contribute approximately 10% to the service sector's Gross Value Added (GVA) will also be temporarily excluded until data from the 'Annual Survey of Registered Service Sector Enterprises' becomes available.
REPORTS AND INDICES
Index of Service Production (ISP) Context: The Ministry of Statistics and Programme Implementation (MoSPI) is set to launch the 'Index of Service Production' (ISP) in July 2026 a new monthly macroeconomic index aimed at measuring short-term fluctuations in the growth of India's services sector. Designed as a services-sector counterpart to the Index of Industrial Production (IIP), the ISP will provide continuous and accurate data on the performance of the formal services sector and strengthen the country's economic monitoring framework. About Index of Service Production (ISP) The Index of Service Production (ISP) is an index proposed to continuously measure and monitor the performance and growth of India's service sector. It has been proposed by the Ministry of Statistics and Programme Implementation (MoSPI). Its framework has been developed by adhering to international best practices and following the guidance of the Technical Advisory Committee for the ISP. The ISP will function alongside the Index of Industrial Production (IIP) to provide continuous information on the service economy. The base year for this index will be 2024–25. It will primarily utilize data obtained from the Goods and Services Tax Network (GSTN). The index will cover key service sectors such as trade, transport, banking, insurance, hospitality, real estate, and professional services. It will assess data availability, sectoral coverage, and appropriate price adjustment factors in accordance with global standards. It is proposed that services from the informal sector will not be included in the index for the time being due to a lack of adequate data. The health and education sectors which contribute approximately 10% to the service sector's Gross Value Added (GVA) will also be temporarily excluded until data from the 'Annual Survey of Registered Service Sector Enterprises' becomes available.
