India, Oct. 6 -- The Government of India has issued a release:
The services sector has firmly established itself as the primary engine of India's economic growth, driving more than half of the national Gross Value Added (GVA). To monitor this vital performance accurately, MoSPI initiated a monthly compilation of the ISP for the formal sector with 2024-25 as the base year, on a trial basis in July 2026.
The initial framework tracks 19 broad service sub-sectors-relying on high-frequency administrative data sources and data of outward supplies from GST which collectively accounted for approximately 60 per cent of services-sector GVA. However, core government tasks, non-market activities and GST-exempt services are excluded from the present f...