India launches monthly Index of Services Production to gauge services sector

The Indian government began publishing a new Index of Services Production (ISP) on 14 July 2026. The monthly indicator tracks activity across the formal services sector, which accounts for more than half of the country's economic output. Using GST returns, administrative records and the Annual Survey of Incorporated Services Sector Enterprises, the ISP initially covers about 60 % of services, including accommodation and food, retail trade, transport, banking, telecommunications, real estate, professional services and arts and entertainment.

The first trial data for April 2026 showed strong expansion: accommodation and food services grew 37.2 %, retail trade 30.8 %, administrative and support services 28.7 % and real estate 27.7 %. Other sectors posted double‑digit gains, such as telecommunications (22.8 %), repair services (19.2 %) and road transport (18.5 %). Two sub‑sectors contracted, with air transport down 13.9 % and railway transport falling 0.4 % year‑on‑year. The Ministry of Statistics and Programme Implementation plans to release sub‑sectoral ISPs monthly and to introduce an overall index after further testing and coverage expansion, potentially adding health and education data in the future.