MoSPI Introduces Trial Services Output Index to Track Monthly Sector Activity

As per news reports, India has introduced its first monthly Index of Services Production (ISP), marking a significant step towards tracking high-frequency activity in the country's services sector. 

Released by the Ministry of Statistics and Programme Implementation (MoSPI), the trial index uses 2024-25 as the base year and covers 19 sub-sectors, representing around 60% of the formal services economy. 

14 of 19 Service Segments Post Double-Digit Growth 

The inaugural trial index showed broad-based expansion across the services sector in April 2026. 

Out of the 19 sub-sectors covered, 14 recorded double-digit year-on-year growth, highlighting strong momentum across multiple service industries. 

Accommodation & Food Services Lead Growth 

Accommodation and food services emerged as the fastest-growing segment, registering 37.2% growth over April 2025. 

It was followed by retail trade at 30.8%, administrative and support services at 28.7%, and real estate activities at 27.7%. 

Air and Railway Transport Contract 

While most service segments recorded positive growth, air transport was the weakest-performing category, declining 13.9% year-on-year. 

Railway transport also slipped 0.4%, making them the only two sectors to contract during the month. 

Composite Index to Be Introduced Later 

The trial ISP is India's first high-frequency indicator designed to monitor monthly services activity, similar to the Index of Industrial Production (IIP) for manufacturing and industry. 

MoSPI said the current release does not include an overall composite index. A composite ISP will be introduced after evaluating the stability of the trial series and expanding its coverage. The ministry plans to publish the trial index on the 29th of every month. 

Read More: EPFO Wage Ceiling Hike to ₹25,000 Deferred for Now! 

Conclusion 

The launch of the trial Index of Services Production marks a major milestone in India's economic data framework by providing a regular gauge of formal services-sector activity. The initial release points to broad-based growth across most service industries while laying the foundation for a future composite services index. 

Want to read stock market updates in Hindi? Angel One News gives comprehensive share market news in Hindi. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.