The federal government will launch the Index of Service Manufacturing (ISP) next month, a brand new high-frequency indicator geared toward monitoring development within the providers sector, with 2024-25 because the base yr, the statistics ministry mentioned Wednesday.
The index will cowl sectors like wholesale and retail commerce, transport, banking, insurance coverage, telecommunications, motels & eating places, actual property, skilled, scientific and technical providers, and humanities, leisure & recreation.
“As counterpart of the IIP (Index of Industrial Manufacturing) which measures the financial development of the economic sector, ISP will cowl the formal providers sector and can be launched on a month-to-month foundation,” the ministry mentioned in a press release.
The ISP is a short-term indicator that measures modifications in the true output of the providers sector over time relative to a base yr.
The providers sector has change into the spine of India’s financial system, contributing greater than 50% of the nation’s gross worth added since 2013-14.
Well being and schooling providers can be integrated into the ISP framework later, following the discharge of the outcomes of the Annual Survey of Included Companies Sector Enterprises (ASISSE).
The Ministry of Statistics and Programme Implementation (MoSPI) launched the ASISSE in April this yr.
The primary trial launch of the index, protecting FY26 and April 2026 information, is scheduled for July 14. Thereafter, month-to-month trial indices can be printed with a lag of round 60 days, on the twenty ninth of every month or the next working day in case of a vacation.
The ISP will draw on three main information sources: administrative and secondary datasets, items and providers tax (GST) information, and ASISSE. The ministry famous that a few of these sources are nonetheless evolving and that GST information can be used for statistical functions for the primary time.
Sure providers will stay outdoors the scope of the index, significantly these linked to core authorities features, non-market actions, or the casual financial system. These embrace public administration and defence, monetary providers excluding banking and insurance coverage, social work actions with out lodging, membership organisations, private providers, and actions of personal households using home staff.
To information the index’s growth, the federal government constituted a Technical Advisory Committee (TAC) in Might 2025 beneath the chairpersonship of Debjani Ghosh, Distinguished Fellow at NITI Aayog. The committee’s report is anticipated to be launched within the first half of July.
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