India unveils trial Index of Services Production; 14 sub-sectors grow strongly
New Delhi, July 14 -- India on Tuesday unveiled its first trial Index of Services Production (ISP), marking a significant overhaul of the country's economic statistics and providing policymakers a long-awaited monthly measure of activity in the services sector that accounts for more than half of its gross domestic product (GDP).
The inaugural trial release, with 2024-25 as the base year, showed that 14 out of the 19 sub-sectors recorded double-digit growth in April over the same month a year ago, while nearly all the categories recorded positive growth during the month, indicating sustained momentum in formal services sector despite mixed signals from manufacturing and external trade.
The 19 sub-sectors account for about 60% of the serv...
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