India, July 7 -- The Ministry of Statistics and Programme Implementation (MoSPI) will launch India's first monthly Index of Services Production (ISP) on July 14, offering a timely indicator of the country's services sector. The new index will complement the Index of Industrial Production (IIP) and improve tracking of India's economic performance.

Key Highlights India's first monthly Index of Services Production (ISP) to be released on July 14. Services sector contributes nearly 53% of India's Gross Value Added (GVA). GST, banking, railways, aviation and insurance data will be used to compile the index. The trial monthly series will have 2024-25 as the base year. India is set to achieve a major milestone in economic data collection as th...