Govt set to launch monthly production index in July to track services growth

New Delhi, June 24 (IANS) The Ministry of Statistics and Programme Implementation on Wednesday said it will launch the Index of Services Production in (ISP) July 2026 to provide a monthly measure of short‑term changes in the growth of formal services sector, and released a detailed FAQ booklet to assist users.

The Index of Services Production (ISP) 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 period.

It measures changes in the real output of service-producing industries over time, the official statement said in the FAQ.

The ISP will act as a counterpart to the Index of Industrial Production, covering formal services on a monthly basis.

On the necessity of ISP, the statement said, the services sector has emerged as the dominant force in the Indian economy, contributing over 50 per cent of the Gross Value Added since 2013-14.

Considering its growing importance and potential, and in line with global practices, India needs a short-term indicator to measure the growth of the services sector to enable planners and policymakers to take suitable measures and guide its growth trajectory.

On objectives of ISP, the statement said it can provide economic trends that would complement an IIP on the short – term movement of an economy.

High frequency information on the performance of the services sector to strengthen the existing statistical framework to support analytical and policy framework is another objective, the statement added.

ISP will provide timely information on the performance of services industries, thereby, strengthening monitoring of economic activity and supporting evidence-based policy decisions.

ISP will also serve as a high-frequency indicator of services sector growth and will provide time series data to enable better economic forecasting and business cycle analysis.

—IANS

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