Ministry of Statistics and Programme Implementation (MoSPI) releases approach paper on Index of Service Production (ISP)

Key facts

• The Ministry of Statistics and Programme Implementation (MoSPI) has released an approach paper for compiling the Index of Service Production (ISP) for the formal sector of the economy.
• The ISP is designed to capture short-term movements in the services sector, which contributes more than half of India's Gross Domestic Product (GDP).
• The National Statistical Office (NSO), MoSPI proposes to use aggregated Goods and Services Tax (GST) data to monitor the progress of the services sector.
• The GST was implemented in India on July 1, 2017.
• A Technical Advisory Committee on ISP (TAC-ISP) comprising 24 members was constituted in May 2025 to prepare the approach paper.
• The approach paper analyses more than 40 sub-sectors of the services sector.
• Key sub-sectors covered include wholesale and retail trade, transport, banking, insurance, communication, hotels and restaurants, real estate, professional, scientific and technical services, arts, entertainment and recreation.
• MoSPI has invited comments and suggestions on the proposed methodology from stakeholders by May 5, 2026.