- The Government of India has launched the Index of Services Production (ISP).
- It is the country's first high-frequency macroeconomic index that assesses actual output within the formal services sector.
- Its objective is to regularly measure services sector activities and provide a more accurate picture of the state of the economy.
- The services sector is the largest contributor to the Indian economy; therefore, this new index will play a crucial role in monitoring economic activity, generating more accurate estimates of national income, and facilitating evidence-based policy decisions.
- The first sub-sectoral trial index under this initiative has been released for April 2026.
- The base year for the ISP has been set as 2024–25 to align it with other key economic indices, such as the Consumer Price Index (CPI).
- During the trial phase, the index will be published monthly with a lag of approximately 60 days.
- It will be released on the 29th of every month; if that day is a holiday, it will be released on the next working day.
- To develop the methodology for this index, the Ministry of Statistics and Programme Implementation (MoSPI) constituted a Technical Advisory Committee (TAC) in May 2025. This committee comprised experts from academia, industry bodies, and various economic ministries.
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