India is set to take a major step toward improving economic data tracking with the launch of the Index of Services Production (ISP) on July 14, 2026. Developed by the Ministry of Statistics and Programme Implementation (MoSPI), the new index will provide a monthly measure of output across key services industries, similar to how the Index of Industrial Production (IIP) tracks manufacturing and industrial activity.
Given that the services sector contributes more than half of India's GDP and remains the primary driver of economic growth, the introduction of ISP is expected to significantly strengthen the country's statistical and policy framework.
The ISP has been designed with a base year of 2024-25 and will be released every month with a lag of approximately 60 days, typically on the 29th of the month. Trial indices for 2025-26 and April 2026 are scheduled to be released on July 14.
According to MoSPI, the index aims to provide timely information on short-term economic trends and complement the existing IIP by offering a clearer picture of activity in the services sector. The move is expected to improve economic monitoring and support data-driven policymaking.
The ISP will initially cover several major services industries, including:
Health and education services will be incorporated at a later stage after the release of data from the Annual Survey of Incorporated Services Sector Enterprises (ASISSE).
To compile the index, MoSPI will rely on multiple data sources, including Goods and Services Tax (GST) data, administrative records from sectors such as railways, aviation, banking, and insurance, as well as ASISSE data.
However, certain categories will remain outside the scope of the ISP. These include public administration and defence, central banking activities, membership organizations, gambling and betting services, and government-provided health and education services.
The launch of the Index of Services Production marks a significant milestone in India's economic data ecosystem. By providing a regular and reliable measure of services-sector output, the ISP is expected to enhance transparency, improve policy formulation, and offer investors, businesses, and policymakers a more comprehensive view of the country's economic performance.
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Published on: Jun 24, 2026, 4:34 PM IST
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