{"id":361683,"date":"2026-04-28T14:36:21","date_gmt":"2026-04-28T09:06:21","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=361683"},"modified":"2026-04-28T14:36:21","modified_gmt":"2026-04-28T09:06:21","slug":"index-of-service-production-isp","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/index-of-service-production-isp\/","title":{"rendered":"Index of Service Production (ISP)"},"content":{"rendered":"<p><b>News: <\/b><span style=\"font-weight: 400;\">The Ministry of Statistics and Programme Implementation has proposed creating an Index of Services Production (ISP) for the formal sector using GST data, with 2024\u201325 as the base year.<\/span><\/p>\n<h2>About Index of Services Production (ISP)<\/h2>\n<figure id=\"attachment_361694\" aria-describedby=\"caption-attachment-361694\" style=\"width: 397px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-361694\" src=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/04\/Source-ET-1.jpg?resize=397%2C208&#038;ssl=1\" alt=\"Index of Services Production (ISP)\" width=\"397\" height=\"208\" srcset=\"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/04\/Source-ET-1.jpg?resize=300%2C157&amp;ssl=1 300w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/04\/Source-ET-1.jpg?resize=1024%2C536&amp;ssl=1 1024w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/04\/Source-ET-1.jpg?resize=768%2C402&amp;ssl=1 768w, https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2026\/04\/Source-ET-1.jpg?w=1460&amp;ssl=1 1460w\" sizes=\"auto, (max-width: 397px) 100vw, 397px\" \/><figcaption id=\"caption-attachment-361694\" class=\"wp-caption-text\">Source &#8211; ET<\/figcaption><\/figure>\n<ul>\n<li><span style=\"font-weight: 400;\">The Index of Services Production (ISP) aims <\/span><b>to monitor the progress of the services sector.\u00a0<\/b><\/li>\n<li><b>Proposed by:<\/b><span style=\"font-weight: 400;\"> It is <strong>proposed<\/strong> by<\/span> the<b> Ministry of Statistics and Programme Implementation (MoSPI).<\/b>\n<ul>\n<li style=\"text-align: left;\"><span style=\"font-weight: 400;\">The proposed approach has been developed in reference to<\/span><b> international best practices and in consultation <\/b><span style=\"font-weight: 400;\">with members of the<\/span><b> Technical Advisory Committee on ISP (TAC-ISP).<\/b><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\">It will complement the<\/span><b> existing index of industrial production<\/b><span style=\"font-weight: 400;\"> by offering high-frequency insights into the services economy.<\/span><\/li>\n<li><b>Base year:<\/b><span style=\"font-weight: 400;\"> The index will adopt <strong>2024\u201325 as its base year<\/strong> and will largely depend on <strong>data from the GST Network<\/strong> as a primary input.\u00a0<\/span><\/li>\n<li><b>Coverage:<\/b><span style=\"font-weight: 400;\"> It will track <\/span><b>key service segments<\/b><span style=\"font-weight: 400;\"> such as trade, transport, banking, insurance, hospitality, real estate, and professional services.<\/span>\n<ul>\n<li><span style=\"font-weight: 400;\">It also<\/span><b> examines data availability, coverage, and appropriate price deflators<\/b><span style=\"font-weight: 400;\"> in line with international best practices.<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: 400;\">It proposes<\/span><b> to exclude services provided by the informal sector <\/b><span style=\"font-weight: 400;\">due to the paucity of data from the data sources under consideration.\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">It also <\/span><b>proposes a temporary exclusion of the health and education sector, which accounts for 10% of the services GVA<\/b><span style=\"font-weight: 400;\">, till results of the annual survey of incorporated service sector enterprises (<strong>ASISSE<\/strong>) become available.<\/span><\/li>\n<li><b>Why is it needed: <\/b><span style=\"font-weight: 400;\">At present, India releases <\/span><b>two major high-frequency (monthly) economic indicators:<\/b>\n<ul>\n<li><span style=\"font-weight: 400;\">The<\/span><b> Index of Industrial Production (IIP), <\/b><span style=\"font-weight: 400;\">which <\/span><b>tracks monthly output in the industrial sector, including manufacturing, mining, and electricity.<\/b><\/li>\n<li><span style=\"font-weight: 400;\">The <\/span><b>Consumer Price Index (CPI),<\/b><span style=\"font-weight: 400;\"> which <\/span><b>measures retail inflation and serves as the basis for the country\u2019s headline inflation rate.<\/b><\/li>\n<li><span style=\"font-weight: 400;\">But,<\/span> <span style=\"font-weight: 400;\">there is <\/span><b>no Index of Service Production (ISP) to capture short-term movements in the services sector,<\/b><span style=\"font-weight: 400;\"> and the<\/span><b> unavailability of ISP created a critical data gap<\/b><span style=\"font-weight: 400;\"> in assessing overall economic performance.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>News: The Ministry of Statistics and Programme Implementation has proposed creating an Index of Services Production (ISP) for the formal sector using GST data, with 2024\u201325 as the base year. About Index of Services Production (ISP) The Index of Services Production (ISP) aims to monitor the progress of the services sector.\u00a0 Proposed by: It is&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/index-of-service-production-isp\/\">Continue reading <span class=\"screen-reader-text\">Index of Service Production (ISP)<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127,1305,12039],"tags":[11872,3590],"class_list":["post-361683","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","category-index-reports-bodies","category-knolls","tag-9pm-daily-factly","tag-pib","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/361683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=361683"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/361683\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=361683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=361683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=361683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}