Index of Services Production: MoSPI Releases First-Ever Monthly Report on Services Sector Changes
The Ministry of Statistics and Programme Implementation (MoSPI) is preparing to launch the Index of Services Production (ISP) in July 2026 to provide a monthly measure of short-term changes in the formal service sector.
The Ministry of Statistics and Programme Implementation (MoSPI) is launching an Index of Services Production (ISP) next month to measure the changes in the growth of the formal services sector.
What is the Index of Services Production (ISP)?
Index of Services Production (ISP) is a micro indicator that measures changes over time in the volume of output produced by the service sector over a specific time. It is a counterpart of the Index of Industrial Production (IIP), which measures the economic growth of the industrial sectors. The ISP will be released on a monthly basis.
Objective of the Index of Services Production (ISP)
ISP aims to compile the economic trends that enhance the IIP in the short-term movement of the Indian economy. It will also provide high-frequency, reliable, representative indicators of service sectors to strengthen and support the analytical and policy framework of India’s service sector.
How is the Index of Services Production Calculated?
ISP will be calculated based on the base year, which is 2024-2025 to satisfy the criteria for structural recency and alignment with the new Consumer Price Index (CPI) series
The ISP is calculated by measuring the output data that is pooled across three major operational channels such as the GST database, the Administrative Records and the ASISSE survey.
It will utilize aggregated service accounting code (SAC) data from GSTR-1 filing on outward supplies to reflect real-time turnover. The Administrative records will help to fetch the secondary quantity metrics for different sectors like Banking and Insurance and Transport.
Annual Survey of Incorporated Services Sector Enterprises will help to draw an estimation for the non-government Health and Education sub-sectors
Which service sectors are included and excluded from the ISP?
ISP will primarily focus on the formal sector which is registered under Goods and Services Tax (GST). It will include the sectors, including sub-sectors like wholesale, retail trade, transport, banking, insurance, telecommunications, hotels and restaurants, real estate, professional, scientific and technical services, arts and entertainment etc.
Sectors are not covered under the ISP
Some of the service sectors are not covered under the ISP which are related to core government activities or non-market activities and information sectors such as Public administration and Defence, Financial services excluding banking and insurance, social work activities without accommodation, personal services, health and education services provided by government and gambling and betting activities.
Significance of ISP
ISP is a quality-based indicator that will provide information on the performance of formal services industries. It will help to strengthen and monitor economic activity and support evidence-based policy decisions. The timeless data provided by ISP will enable better economic forecasting and business cycle analysis.
Manisha Waldia is a distinguished content strategist with 5 years of experience crafting premium educational content for UPSC and State PCS, with a focus on deep conceptual analysis across Polity, Geography, History, and Environment. She currently brings this expertise to Jagran Josh, where she covers major national and international events, current affairs, and static general knowledge. Over her career, Manisha's specialized insights have led her to curate high-impact materials and serve as a UPSC Mains answer-evaluator for India’s top institutes—including Drishti IAS, Shubhra Ranjan IAS, Study IQ, GS Score, and PWonlyIAS. She has also worked alongside leading NGOs like Oxfam India and Avani Kumaon.
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