First Release of sub – sectoral Trial Index of Services Production (ISP) (Base Year 2024 -25)

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  • MoSPI brings out its first release of ISP for 19 sub – sectors for April 2026.
  • Subsequent ISP will be released on 29th of every month.
  • These 19 sub – sectors cover about 60% of the services sector.
  • Overall ISP will be brought out later after studying stability and resilience of sub-sectoral ISPs and improved overall coverage of services.

As part of the suite of macro – economic indicators, the Ministry of Statistics & Programme Implementation (MoSPI) is commencing release of the ISPs of 19 sub – sectors, with base year 2024 -25. The first set of ISPs is being released for the month of April, 2026. The ISP represents an important milestone in strengthening India's statistical system and improving the measurement of the services sector, which accounts for more than half of the country's economic activity. The release of sub – sectoral ISPs will provide, for the first time, a monthly measure of short-term movements in India's formal services sector, with a coverage of about 60%.

The Technical Advisory Committee on Index of Services Production (TAC-ISP) Constituted in May 2025 provided the conceptual & methodological guidance on compiling ISP. Apart from representatives from academia and the Industry associations, membership of the TAC – ISP included representatives from the concerned Ministries / Departments dealing with the respective services sectors. 

Key Highlights

  • 14 out of the 19 sub – sectors recorded double-digit growth in April, 2026 as compared to April, 2025.
  • Nearly all the categories recorded positive growth in April, 2026.
  • Top Sub – Sectors reporting strong growth in the April, 2026 growth are Accommodation and Food (37.2%), Retail Trade (30.8%), Administrative & support services (28.7%) and Real Estate (27.7%). 

Salient Features of ISP

Base Year and Scope & Coverage

The base year of trial ISPs is 2024 -25. The National Industrial Classification (NIC), 2025, provides a comprehensive and contemporary classification for all economic activities undertaken in India’s economy. The sectors covered under Sections G to Section V of NIC, 2025, form part of scope of Services Sector. Based on its data sources, namely, GST and Administrative Data, ISP would cover the formal sector enterprises only. Accordingly, services which are not covered in ISP are those which are either related to core government activities or are dominated by non-market activities and the informal sector.

Data Sources

The ISP adopts a differentiated approach to compilation of sub-sectoral ISPs based on the nature and availability of data sources. The three principal data sources are:

Administrative/secondary data for ISP of Air Transport, Railway Transport, Water Transport (Freight), Banking and Insurance;

GST data for Wholesale Trade, Retail Trade, Repair and Maintenance, Accommodation & Food, Road Transport, Water Transport (Passenger), Warehousing & support activities for transportation, Postal & courier, Telecommunications, Information & Broadcasting, Real estate, IT & computer related services, Professional, scientific & technical services including R & D, Administrative & support services and Arts, Entertainment & Recreation;

Annual Survey of Incorporated Services Sector Enterprises (ASISSE) data for providing weights at 2/3-digit level of NIC.

Deflators

At present, for compiling ISP, WPI is used as a deflator for wholesale trade and for other sub-sectors, either sub-sector specific CPI has been used or suitable proxy CPI (closest match for the sub-sector available) has been chosen. CPI – General has been used as a deflator for the sectors of Repair & Maintenance, Banking and Insurance. The sectors where such mapping is not available, CPI-Services has been used as a deflator. The list of sub-sector wise deflators is given as Annexure 3.

Notes:

  1. The monthly ISPs are being published on an experimental basis. The publication of Trial Series would enable MoSPI to examine data quality, test its resilience and also receive feedback of stakeholders and users.
  2. The Indices of Railways, Banking and Insurance sub – sectors, are based on provisional monthly data and would undergo revision on an annual basis.
  3. This Press Release is also available at the Ministry’s Website -http://www.mospi.gov.in.
  4. The Data of ISP is also available at https://esankhyiki.mospi.gov.in

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