The methodology was finalized following extensive consultations with a technical committee.

India is set to launch a transformative macroeconomic indicator, the Index of Services Production (ISP), to track the nation’s vast service economy. With 2024-25 as the official base year, the Ministry of Statistics and Programme Implementation announced that the inaugural index for April 2026 will be unveiled on July 14. Following this, the government intends to release updated data on the 29th of each month, ensuring a consistent reporting cycle.

Designed as a high-frequency short-term indicator, the ISP aims to quantify fluctuations in the volume of service sector output over time. By comparing current data against the base year, it provides a clearer picture of real-time production shifts. This allows for a precise analysis of how various service-oriented industries evolve, filling a critical void in current economic monitoring frameworks.

Strategically modeled after the existing Index of Industrial Production (IIP), the ISP serves as a vital tool for assessing broader economic growth. To ensure accuracy and comprehensive coverage, the ministry will derive data from three primary sources: administrative records, GST returns, and the Annual Survey of Corporate Service Sector Enterprises, creating a robust and reliable statistical foundation for policy assessment.

The index’s scope is extensive, covering retail and wholesale trade, banking, telecommunications, transport, real estate, insurance, and professional services. Furthermore, there is a roadmap to incorporate health and education sectors once the Annual Survey data is integrated. This inclusive framework ensures the index reflects the true complexity of India’s service-dominated market.

The methodology was finalized following extensive consultations with a technical committee, established in May 2025 and chaired by NITI Aayog’s Debjani Ghosh. This committee, comprising industry representatives and government officials, provides the expert oversight necessary to maintain the index's integrity. While this covers all provided details, it is important to note that the index’s success will ultimately depend on the efficiency of the GST and corporate data integration process.