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Events / Political / India launches Index of Services Production
Domestic statistical release

India launches Index of Services Production

Analysis based on 29 articles · First reported Jul 11, 2026 · Last updated Jul 17, 2026

Sentiment
20
Attention
3
Articles
29
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The ISP provides a high-frequency gauge for India's dominant services sector, enabling better nowcasting and policy assessment. This enhances transparency and may improve investor confidence in India's economic data, potentially supporting capital inflows.

services data analytics economic policy
Event Summary

The India — Ministry of Statistics and Programme Implementation (MoSPI) released India's first trial Index of Services Production (ISP) on July 14, 2026, covering 19 sub-sectors and about 60% of the formal services sector with base year 2024-25. The index showed broad-based expansion in April 2026, with 14 of 19 sub-sectors recording double-digit year-on-year growth. Accommodation and food services led growth at 37.2%, followed by retail trade (30.8%), administrative and support services (28.7%), real estate (27.7%), and telecommunications (22.8%). Only air transport (-13.9%) and railway transport (-0.4%) contracted. The ISP uses GST data and administrative records, and will be published monthly on the 29th. Chief Economic Adviser V. Anantha Nageswaran highlighted its policy relevance for monitoring the services sector, which contributes over 50% of India's GVA. The index is expected to improve GDP forecasting and macroeconomic surveillance.

Key Actions
86 India — Ministry of Statistics and Programme Implementation outlined plan
80 India — Ministry of Statistics and Programme Implementation launched
80 India — Ministry of Statistics and Programme Implementation published
70 India introduced
40 V. Anantha Nageswaran described
40 India targeted increase
30 Saurabh Garg highlighted
20 D. K. Srivastava calculated
Entities Involved
cnt
India
India gains a monthly services output indicator, improving economic monitoring and supporting its goal of a 10% global services share by 2047.
Importance 100.0 Sentiment 20.0
govactor
India — Ministry of Statistics and Programme Implementation
MoSPI developed and released the ISP, strengthening India's statistical system and its credibility.
Importance 100.0 Sentiment 20.0
stock
State Bank of India
The ISP will aid the RBI in nowcasting, business-cycle assessment, and monitoring demand conditions for monetary policy.
Importance 60.0 Sentiment 15.0
per
V. Anantha Nageswaran
The Chief Economic Adviser publicly endorsed the ISP, emphasizing its policy relevance and data-driven approach.
Importance 40.0 Sentiment 10.0
per
Saurabh Garg
MoSPI Secretary Saurabh Garg noted India's entry into a select group of countries with a services production index, highlighting the ISP's role as an output indicator.
Importance 30.0 Sentiment 10.0
per
D. K. Srivastava
As chief policy advisor at Semicon India, Srivastava provided expert commentary on the ISP's methodology and benefits.
Importance 20.0 Sentiment 5.0
cnt
China
China's comprehensive monthly production index is noted as an example for India's ISP.
Importance 10.0 Sentiment 0.0
cnt
Japan
Japan is cited as having a mature services index, serving as a benchmark for India's ISP.
Importance 10.0 Sentiment 0.0
priv
EY India
EY India contributed expert analysis on the ISP, reinforcing its role in macroeconomic surveillance.
Importance 10.0 Sentiment 5.0
alliance
OECD
OECD countries' efforts to improve services statistics are noted as context.
Importance 5.0 Sentiment 0.0
alliance
European Union
The EU is cited as one of the few countries with a similar services production index, serving as a benchmark for India's initiative.
Importance 5.0 Sentiment 0.0
cnt
United Kingdom
The UK is cited as one of the few countries with a similar services production index, serving as a benchmark for India's initiative.
Importance 5.0 Sentiment 0.0
cnt
United States
The US monitors services through multiple agencies, providing a contrast to India's single-index approach.
Importance 5.0 Sentiment 0.0
cnt
Singapore
Singapore's granular service statistics are referenced as an alternative approach.
Importance 5.0 Sentiment 0.0
cnt
South Korea
South Korea is cited as one of the few countries with a similar services production index, serving as a benchmark for India's initiative.
Importance 5.0 Sentiment 0.0
+ 8 more entities View on Dashboard
Relationships
India related ↔ India — Ministry of Statistics and Programme Implementation
India related ↔ State Bank of India
India related ↔ V. Anantha Nageswaran
India related ↔ China
India related ↔ Japan
India related ↔ OECD
State Bank of India related ↔ V. Anantha Nageswaran
State Bank of India related ↔ China
State Bank of India related ↔ Japan
China rivals ↔ Japan China views Japan as a strategic rival, actively challenging its stance on Taiwan and territorial claims. China has impo
China related ↔ OECD
Japan related ↔ OECD
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