New Delhi, May 22 -- India is set to introduce its first-ever Index of Services Production (ISP) around July, marking a significant step towards measuring short-term activity in the country's services sector, which contributes more than half of the national economy and generates millions of jobs.

The new index will complement the revised series of the Index of Industrial Production (IIP), based on the 2022-23 base year, which is scheduled to be released on June 1.

New Tool to Track Services Sector Output

According to officials, the ISP will provide a more comprehensive assessment of short-term production trends in the services sector and strengthen the statistical framework used for estimating economic growth.

Initially, the index wil...