Reports & Indexes★ Must Know

MoSPI to Launch India's First Monthly Index of Services Production on July 14

By TestNeeti Editorial TeamPublished Tuesday, 7 July 2026 3 min readSource: CA - NITI ReportsArticle 3 of 21

The Ministry of Statistics and Programme Implementation (MoSPI) will launch India's first monthly Index of Services Production (ISP) on July 14, giving a high-frequency measure of the formal services sector. Services account for nearly 53 per cent of India's Gross Value Added (GVA), and the new index complements the long-running Index of Industrial Production (IIP). To compile it, MoSPI will use aggregated Goods and Services Tax (GST) data from the GST Network plus administrative datasets from railways, aviation, banking and insurance; for GST-exempt sectors such as health and education, it will use the ASISSE survey. The framework was designed by the Technical Advisory Committee on Index of Services Production (TAC-ISP), constituted in May 2025 under Debjani Ghosh of NITI Aayog.

Key Facts & Details

9 points

1
MoSPI will launch India's first monthly Index of Services Production (ISP) on July 14 on a trial basis.
2
The services sector accounts for nearly 53 per cent of India's Gross Value Added (GVA) and is the largest contributor to growth, employment, investment and exports.
3
The ISP will complement the Index of Industrial Production (IIP) by measuring monthly changes in the formal services economy.
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It will use aggregated GST data from the GST Network plus administrative records from railways, aviation, banking and insurance, with ASISSE data for GST-exempt sectors like health and education.
5
The framework was developed by the Technical Advisory Committee on Index of Services Production (TAC-ISP), set up in May 2025 under Debjani Ghosh, a Distinguished Fellow at NITI Aayog.
6
The committee recommended compiling the ISP as a Laspeyres volume index with 2024-25 as the base year, using GVA weights at the two-digit NIC 2025 level, released within 60 days of the reference month.

Deep Dive

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The overall index and sector-wise indices will initially be released on a trial basis to validate the methodology and gather stakeholder feedback.
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MoSPI clarified that no unit-level GST data will be accessed while compiling the index.
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The ISP is India's first monthly indicator measuring short-term performance in the formal services sector, aiding policymakers, businesses and investors.

Exam Focus

Which ministry is launching India's first monthly Index of Services Production, and what is its base year?

Exam Relevance & Angle

For banking and economy papers this is a prime data point: the ISP as India's first monthly services indicator, its 2024-25 base year, the ~53% GVA share of services, and the TAC-ISP headed by Debjani Ghosh. It parallels the IIP and signals how India tracks its services-driven economy.

Target Exams

SBI POIBPS PORBI Grade BSSC CGLUPSC CSEState PCS

Background & Context

The Index of Industrial Production (IIP) is a long-established monthly indicator that measures the growth of industrial and manufacturing output, but India has lacked an equivalent high-frequency gauge for its dominant services sector. A volume index such as the Laspeyres type measures changes in the quantity of output relative to a fixed base year, using weights fixed at base-period values. The National Industrial Classification (NIC) provides the standard codes for grouping economic activities; a two-digit level gives broad sector groupings. MoSPI is the nodal ministry for official statistics in India and compiles indicators like the IIP, CPI and national accounts, while NITI Aayog is the government's policy think tank whose experts advise on such statistical frameworks.