India to release first-ever monthly index tracking services sector output from July 14

The Ministry of Statistics and Programme Implementation (MoSPI) will release India's first-ever Index of Services Production (ISP) on July 14, 2026, with the...

What Happened

The Ministry of Statistics and Programme Implementation (MoSPI) will release India's first-ever Index of Services Production (ISP) on July 14, 2026, with the first data point covering April 2026.
The ISP adopts 2024-25 as its base year and will be published monthly with a lag of approximately 60 days — release scheduled for the 29th of every month.
The new index fills a long-standing gap in India's macroeconomic measurement architecture by providing a high-frequency services-sector counterpart to the Index of Industrial Production (IIP).
Initial sectoral coverage includes trade, transport (railways and air), banking, insurance, telecommunications, hospitality, real estate, professional services, and entertainment; health and education are slated for inclusion in a later phase.
The ISP draws on three data streams: administrative records (railways, air transport, banking, insurance); GST outward-supply data (wholesale and retail trade, real estate, telecom, professional services); and the Annual Survey of Incorporated Services Sector Enterprises (ASISSE).

Static Topic Bridges

Index of Industrial Production (IIP)

The IIP is a composite indicator compiled and published monthly by the National Statistics Office (NSO) under MoSPI. It measures short-run changes in output of the industrial sector — mining, manufacturing, electricity, and (from the 2022-23 series) gas, water supply, sewerage, and waste management. The current IIP series uses base year 2022-23 (revised from 2011-12 in early 2025) and is released with a six-week lag. It is the primary high-frequency barometer of industrial activity and is used by the RBI Monetary Policy Committee for rate decisions.

Current IIP base year: 2022-23 (revised; previously 2011-12)
Published by: National Statistics Office (NSO), MoSPI
Release lag: Six weeks after reference month
Item basket: 1,042 products across 463 item groups (2022-23 series)
Three broad sectors tracked: Mining, Manufacturing, Electricity (expanded in new series)

Connection to this news: ISP is explicitly designed as the services-sector analogue to IIP, completing India's monthly high-frequency output measurement framework across all major sectors.

Ministry of Statistics and Programme Implementation (MoSPI)

MoSPI is the nodal agency for official statistical data in India. It subsumes the former Central Statistics Office (CSO) and National Sample Survey Office (NSSO) under the National Statistics Office (NSO). MoSPI publishes national accounts (GDP), consumer price indices (CPI), IIP, and now ISP. It operates under the Statistics Act, 2008 and follows UN System of National Accounts (SNA) 2008 standards.

Statutory basis: Collection of Statistics Act, 2008
Apex advisory body: National Statistical Commission (NSC)
Services sector share in India's GVA: exceeds 50 per cent
ASISSE (Annual Survey of Incorporated Services Sector Enterprises): MoSPI's dedicated survey for the formal services sector — feeds into ISP compilation

Connection to this news: MoSPI is the releasing authority for ISP; the index extends its mandate to cover services output monitoring at monthly frequency for the first time.

Annual Survey of Incorporated Services Sector Enterprises (ASISSE)

ASISSE is a dedicated enterprise-level survey conducted by MoSPI to capture output, employment, and value addition in the formal services sector. It complements GST data and administrative records in constructing services-sector statistics. ASISSE covers incorporated entities — companies, limited liability partnerships — across service industries.

Administered by: MoSPI / NSO
Coverage: Formal, incorporated services-sector enterprises
Role in ISP: Provides structural benchmark data for weighting and calibration
Distinction from IIP source: ASISSE fills the gap that ASI (Annual Survey of Industries) fills for manufacturing

Connection to this news: ASISSE is one of three primary data sources feeding the ISP, alongside GST data and administrative records.

Gross Value Added (GVA) vs. GDP

GDP = GVA + Taxes on Products − Subsidies on Products. GVA measures output at basic prices and is the foundational building block for national income estimates. Sectoral GVA shares determine the relative importance of agriculture, industry, and services. India's services sector is the largest contributor to GVA (above 50%), making its measurement a macroeconomic priority.

Services sector contribution to India's GVA: Over 50%
Previous gap: No monthly output index for services existed before ISP
Policy use: High-frequency services data will improve GDP nowcasting and monetary policy calibration

Connection to this news: ISP directly addresses the measurement gap in the largest GVA-contributing sector; accurate monthly services data will improve the quality of advance GDP estimates.

Key Facts & Data

Index name: Index of Services Production (ISP)
Releasing authority: MoSPI (Ministry of Statistics and Programme Implementation)
First release date: July 14, 2026 (covering April 2026 data)
Base year: 2024-25
Frequency: Monthly
Release lag: Approximately 60 days; published on the 29th of each month
Initial sectors covered: Trade, transport (railways, air), banking, insurance, telecommunications, hospitality, real estate, professional services, entertainment
Sectors to be added later: Health and education
Data sources: (1) Administrative records — railways, air transport, banking, insurance; (2) GST outward supply data — wholesale/retail trade, real estate, telecom, professional services; (3) ASISSE
Services sector's share in Indian GVA: Over 50%
Comparison index: IIP (Index of Industrial Production) — the ISP's manufacturing-sector counterpart, released by the same ministry
IIP current base year: 2022-23 (revised from 2011-12)
Significance: First-ever high-frequency monthly indicator for services output in India; enables GDP nowcasting, monetary policy calibration, and policy design for the dominant sector of the economy