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Index of Services Production
The Ministry of Statistics and Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) in July 2026. ISP is a monthly indicator that measures changes over time in the volume of service-sector output relative to the base period 2024-25.
Index of Services Production (ISP):
| Dimension | Key Details |
|---|---|
| Launching authority and timeline | The Ministry of Statistics and Programme Implementation (MoSPI) will launch the Index of Services Production (ISP) in July 2026. |
| Indicator type and frequency | ISP provides for India’s 1st monthly indicator that measures changes over time in the volume of output produced by the service sector. |
| Base period | ISP uses 2024-25 as the specified base period. |
| Counterpart index | ISP is designed as the services-sector counterpart to the Index of Industrial Production (IIP). |
| Technical Advisory Committee (TAC) | The Technical Advisory Committee (TAC) has been constituted in May 2025. |
| Coverage | ISP comprises key formal-service sector activities: wholesale and retail trade, transport, banking, insurance, telecom, hotels and restaurants, real estate, professional services, arts, and entertainment. |
| Data sources | ISP uses data sources that comprise GST returns (major source), administrative data from Railways, Directorate General of Civil Aviation, Reserve Bank of India, and Insurance Regulatory and Development Authority of India, and ASISSE surveys. |
| Methodology | ISP uses a fixed-weight Laspeyres volume index, and weights are based on sectoral GVA contribution. |
| Laspeyres volume index | The Laspeyres volume index measures the change in physical quantities of goods or services over time, using the values of a specific base period as weights. |
| Future expansion | ISP provides for health and education to be added after ASISSE (Annual Survey of Incorporated Services Sector Enterprises) data availability. |
| Service sector contribution | The service sector in India contributes over 50% of Gross Value Added (GVA) since 2013-14. |
| Significance | ISP provides for policymaking and international comparability, and the service sector is the largest component of India’s economy. |