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Index of Service Production
May 3 , 2026
15 hrs 0 min
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- The Ministry of Statistics and Programme Implementation released an approach paper to introduce the Index of Service Production (ISP) to track services output monthly.
- ISP will measure the performance of the services sector every month, similar to the Index of Industrial Production for industry.
- It uses 2024–25 as the base year and mainly relies on GST data along with official government data sources.
- It is needed because services form more than half of India’s GDP, but there is no proper monthly output-based indicator at present.
- Currently, policymakers depend on the Purchasing Managers' Index, which is survey-based and does not measure actual output.
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