The Government of India has launched the Index of Services Production (ISP), a monthly high‑frequency volume indicator for the formal services sector; the first trial sub-sectoral release covers April 2026.
Core features & methodology
- Base year: 2024‑25.
- Release frequency: Monthly publication with ~60‑day lag; scheduled on the 29th or next working day.
- Governance: Methodology set by a MoSPI Technical Advisory Committee constituted in May 2025.
- Price deflation: Converts nominal revenues to real volume using assigned deflators (WPI, CPI‑General, CPI‑Services).
Coverage and data ecosystem
- Trial coverage: 19 sub‑sectors, ~60% of the services economy.
- Exclusions: Public administration & defence; government‑provided health and education; extraterritorial organisations; private households with employed persons; gambling and betting.
- Primary sources: Administrative records (air, rail, banking, insurance), ASISSE (launched Apr 2026) and GST transactional data.
- GST role: First official use of high‑frequency GST records in a national statistical index.
Key statistics and trial performance
- Services share of GVA: 52.9% in 2024‑25.
- Employment: ~30% of total employment; ~40 million jobs added 2020–26 (estimate reported).
- Services exports: USD 103.41 billion in Apr–Jun 2026; 6.16% YoY growth.
- Top April 2026 growth sub‑sectors (YoY): Accommodation & food 37.2%; Retail 30.8%; Administrative & support 28.7%; Real estate 27.7%; Telecommunications 22.8%.
International precedents
- Methodological references: OECD Compilation Manual for Index of Services Production (2007) and Eurostat guidelines.
- Comparable indices: UK’s Monthly Index of Services; South Korea’s Service Industry Activity Index; similar high‑frequency indicators in several EU countries.
IASPOINT Booster Facts
- Implementing agency: Ministry of Statistics and Programme Implementation (MoSPI) hosts the ISP framework.
- ASISSE: Annual Survey of Incorporated Services Sector Enterprises will feed incorporated private services (private health, private education) when operational.
- National accounts use: ISP provides high‑frequency volume estimates to inform quarterly GDP compilation and revisions.