Ministry of Statistics and Programme Implementation will launch ISP on 14th July; which will cover the formal services sector.
- The services sector is the dominant force in the Indian economy, contributing over about 55% of the Gross Value Added (GVA) in FY2025.
About Index of Services Production (ISP)
- It is a short-term indicator designed to measure changes over time in the volume of output produced by the services sector relative to a specified base year (Base Year-2024 -25).
- Counterpart of the Index of Industrial Production (IIP) which measures industrial sector growth.
- Frequency: It will be released on trial monthly basis for the year 2025 -26 and for April 2026 on July 14th and thereafter, regular release will be made with a lag of about 60 days on the 29th Day of every month.
- Major data sources:
- Administrative/secondary data for ISP of Air Transport, Railway Transport, Banking and Insurance.
- GST data for Wholesale Trade, Retail Trade, Repair and Maintenance, Accommodation and Food, etc.
- Annual Survey of Incorporated Services Sector Enterprises (ASISSE) data for Health and Education (excluding Government) sectors.
- Services not covered
- Public administration and Defence, Financial services excluding Banking and Insurance.
- Social work activities without accommodation, services of membership organizations
- Personal services, activities of private households with employed persons.
- Gambling and betting activities.
- Deflators to be used: Wholesale Price Index (WPI) for Wholesale trade; Sector-specific Consumer Price Index (CPI); CPI General for Banking and Insurance CPI Non-Food.
