Ministry of Statistics & Programme Implementation (MoSPI) to launch Index of Services Production (ISP)

Key facts

• The Ministry of Statistics & Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) in July 2026 as a monthly macro indicator to measure short-term growth in the formal services sector.
• The ISP will use 2024-25 as the base year, with trial indices for 2025-26 and April 2026 scheduled for release on 14 July 2026.
• A Technical Advisory Committee (TAC) was constituted in May 2025 under the chairpersonship of Ms. Debjani Ghosh from NITI Aayog to finalise the conceptual and methodological framework.
• Sectoral coverage of the ISP includes wholesale and retail trade, transport, banking, insurance, telecommunications, hotels & restaurants, real estate, professional, scientific and technical services, and arts, entertainment & recreation.
• Health and education services (excluding government) will be incorporated into the ISP framework later using data from the Annual Survey of Incorporated Services Sector Enterprises (ASISSE).
• The ISP will utilise three primary data sources: administrative/secondary data, Goods and Services Tax (GST) data, and ASISSE data.
• The index will be compiled using a fixed-weight Laspeyres volume index, with weights based on sectoral contributions to Gross Value Added (GVA).
• Excluded services include public administration and defence, financial services excluding banking and insurance, social work activities without accommodation, services of membership organisations, personal services, activities of private households with employed persons, activities of extraterritorial organisations, government-provided health and education services, and gambling and betting activities.