In April 2026, the Ministry of Statistics and Programme Implementation (MoSPI) proposed the creation of a new Index of Service Production (ISP) to measure the performance of India’s services sector on a monthly basis.
- The index will adopt 2024–25 as the base year and will primarily rely on data from the Goods and Services Tax Network (GSTN) as a key input.
About Index of Service Production (ISP):
Consultation: The proposed approach has been developed in line with global best practices and in consultation with the Technical Advisory Committee on ISP (TAC-ISP).
Complementary Role: It will complement the Index of Industrial Production (IIP) by providing high-frequency insights into the services sector.
Coverage: The MoSPI plans to include about 70% of the services sector’s Gross Value Added (GVA) for compiling the overall ISP and excluding nearly 30% of services GVA such as public administration, defence, select non-market financial services, ownership of dwellings, and informal or unincorporated segments.
Current Indicators: India’s key monthly indicators are the IIP for tracking industrial output (manufacturing, mining, electricity) and the Consumer Price Index (CPI) for measuring retail inflation and headline inflation.
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