India expands economic data scope and pushes for digital banking

India’s Ministry of Statistics and Programme Implementation (MoSPI) has proposed expanding the Index of Services Production (ISP) to include education, human health and residential care, and public administration and defence. Currently, the index covers 19 sub-sectors, accounting for approximately 60 per cent of the services sector's Gross Value Added (GVA). The proposed expansion aims to include these three vital areas, which represent nearly 21 per cent of services GVA, potentially raising total coverage to approximately 78.4 per cent.

Separately, the Department of Financial Services (DFS) has urged public and private sector banks to enhance digital outreach and focus on end-to-end digital loan processing to deepen financial inclusion. During a review meeting, DFS Secretary Sanjay Lohiya emphasized the need for increased participation from private banks in government schemes and improved awareness regarding insurance claim eligibility.

In Delhi, the state government has implemented several welfare measures, including doubling the monthly incentive for 6,690 ASHA workers from Rs 3,000 to Rs 6,000. Additionally, the Delhi Jal Board has launched a cashless medical facility for approximately 50,000 pensioners and their families to ease access to healthcare services.