Govt releases first services production index; 14 sub-sectors post double-digit growth
The Indian government has launched a new Index of Services Production (ISP) to track the monthly output of the formal services sector. Data shows that 14 out of 19 sub-sectors experienced double-digit growth in April.
Why it matters
This index provides a more accurate and timely measurement of the services sector, which constitutes over half of India's economic activity.
The government on Tuesday released the first trial Index of Services Production (ISP), showing that 14 of the 19 formal services sub-sectors recorded double-digit year-on-year growth in April.The trial index, with 2024-25 as the base year, covers about 60 per cent of India's services sector through sub-sectors such as wholesale and retail trade, accommodation and food services, road and air transport, telecommunications, and banking.According to the ministry of statistics and programme implementation (MoSPI), all sub-sectors except railway transport and air transport registered positive annual growth in April. Air transport contracted 13.9 per cent, while railway transport declined 0.4 per cent.
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