**Executive Summary**
The Ministry of Statistics & Programme Implementation (MoSPI) has launched its first sub-sectoral Trial Index of Services Production (ISP) for April 2026 to monitor short-term movements in India’s formal services sector. Based on the 2024-25 base year, the index covers 19 sub-sectors representing 60% of services activity, with future releases scheduled for the 29th of every month. This experimental series serves as a milestone in strengthening the national statistical system and invites stakeholder feedback to refine data quality.
**Key Points / Main Content**
**Scope and Coverage**
* The ISP tracks 19 sub-sectors of the formal services sector, excluding informal activities and core government functions.
* The index uses the National Industrial Classification (NIC) 2025 to categorize economic activities.
* Current coverage represents approximately 60% of India's services sector; an overall ISP will be released once sub-sectoral stability is established.
**Methodology and Data Sources**
* **Data Inputs:** The index utilizes three primary sources: GST data, Administrative/secondary data, and the Annual Survey of Incorporated Services Sector Enterprises (ASISSE) for weights.
* **Deflators:** WPI is used for wholesale trade, while sub-sector specific CPI, proxy CPI, or CPI-Services are used for other categories.
* **Trial Status:** The monthly ISPs are currently experimental to allow MoSPI to test resilience and examine data quality.
**April 2026 Performance Highlights**
* 14 out of 19 sub-sectors achieved double-digit growth compared to April 2025.
* **Highest Growth:** Accommodation and Food (37.2%), Retail Trade (30.8%), Administrative & support services (28.7%), and Real Estate (27.7%).
* **Negative Growth:** Air Transport recorded a decline of 13.9%, and Railway Transport saw a marginal decline of 0.4%.
**Impact Analysis**
**MoSPI and Government Policymakers**
**Impact**
They gain a new monthly macro-economic indicator to measure India’s formal services sector, which accounts for over half of the country’s economic activity.
**Action Required**
Evaluate data quality and resilience of the trial series; prepare for the eventual release of a consolidated overall ISP.
**Industry Associations and Academia**
**Impact**
These stakeholders now have access to high-frequency, sub-sectoral data and the Technical Advisory Committee (TAC-ISP) report for detailed economic analysis.
**Action Required**
Review the trial series and provide feedback to MoSPI to assist in refining the methodology and data accuracy.
**Formal Sector Enterprises (Service Providers)**
**Impact**
Their performance is now tracked monthly via GST and administrative data, providing a benchmark for sector-specific growth.
**Action Required**
Ensure the continued accuracy of administrative and GST filings, as these are the primary data sources for the ISP.
**Statisticians and Data Users**
**Impact**
Users gain a contemporary classification system (NIC 2025) and a more precise set of deflators for analyzing service production.
**Action Required**
Note that indices for Railways, Banking, and Insurance are based on provisional data and will undergo annual revisions.
Key Entities Referenced
Trial Index of Services Production (ISP): A new monthly macro-economic indicator launched to measure short-term movements in India's formal services sector across 19 sub-sectors.
Ministry of Statistics & Programme Implementation (MoSPI): The primary ministry responsible for developing, compiling, and releasing the sub-sectoral ISPs to strengthen the national statistical system.
Technical Advisory Committee on Index of Services Production (TAC-ISP): The committee constituted in May 2025 that provided the conceptual and methodological guidance for compiling the ISP.
National Industrial Classification (NIC), 2025: The comprehensive classification framework used to determine the scope and coverage of economic activities within the services sector for the ISP.
Annual Survey of Incorporated Services Sector Enterprises (ASISSE): A principal data source used to provide weighting data at the 2/3-digit level of the National Industrial Classification for the index.
Ministry of Statistics & Programme Implementation
First Release of sub – sectoral Trial Index of
Services Production (ISP) (Base Year 2024 -25)
प्रव तथ: 14 JUL 2026 4:00PM by PIB Delhi
MoSPI brings out its first release of ISP for 19 sub – sectors for April 2026.
Subsequent ISP will be released on 29th of every month.
These 19 sub – sectors cover about 60% of the services sector.
Overall ISP will be brought out later after studying stability and resilience of sub-sectoral ISPs
and improved overall coverage of services.
As part of the suite of macro – economic indicators, the Ministry of Statistics & Programme
Implementation (MoSPI) is commencing release of the ISPs of 19 sub – sectors, with base year 2024 -25.
The first set of ISPs is being released for the month of April, 2026. The ISP represents an important
milestone in strengthening India's statistical system and improving the measurement of the services sector,
which accounts for more than half of the country's economic activity. The release of sub – sectoral ISPs
will provide, for the first time, a monthly measure of short-term movements in India's formal services
sector, with a coverage of about 60%.
The Technical Advisory Committee on Index of Services Production (TAC-ISP) Constituted in May 2025
provided the conceptual & methodological guidance on compiling ISP. Apart from representatives from
academia and the Industry associations, membership of the TAC – ISP included representatives from the
concerned Ministries / Departments dealing with the respective services sectors. The Report of TAC -ISP
was released on 7th July, 2026, and is in the public domain at:
https://www.mospi.gov.in/uploads/publications_reports/publications_reports1783419546476_3d453f5e-f7
cd-488e-9e72-1bc575b2f236_Report_TAC_ISP.pdf
Key Highlights
14 out of the 19 sub – sectors recorded double-digit growth in April, 2026 as compared to April,
2025.
Nearly all the categories recorded positive growth in April, 2026.
Top Sub – Sectors reporting strong growth in the April, 2026 growth are Accommodation and
Food (37.2%), Retail Trade (30.8%), Administrative & support services (28.7%) and Real Estate
(27.7%).
Sub – Sector wise trends in ISPs in April, 2026 over April, 2025 are given below:S. No. Broad Sub -Sector ISP April, ISP April, Growth in April,
2025 2026 2026 over April,
2025
1 Wholesale Trade 104.0 119.87 15.3%
2 Retail Trade 105.1 137.50 30.8%
3 Repair Services 100.6 119.93 19.2%
4 Accommodation and food 100.7 138.14 37.2%
5 Railway Transport 100.0 99.59 -0.4%
6 Road Transport 93.1 110.34 18.5%
7 Water Transport 99.2 104.87 5.7%
8 Air Transport 104.5 89.90 -13.9%
9 Warehousing and support 95.6 112.97 18.2%
activities for transportation
10 Postal and Courier 96.1 99.25 3.3%
11 Telecommunications 96.9 118.94 22.8%
12 Information and Broadcasting 111.2 113.95 2.5%
13 Banking 106.9 119.88 12.2%
14 Insurance 95.9 110.88 15.6%
15 Real Estate 93.8 119.76 27.7%
16 IT and computer related 97.4 112.16 15.2%
services
17 Professional, scientific & 91.2 106.26 16.5%
technical services including R
& D
18 Administrative and support 93.6 120.37 28.7%
servicesS. No. Broad Sub -Sector ISP April, ISP April, Growth in April,
2025 2026 2026 over April,
2025
19 Arts, Entertainment and 109.6 127.53 16.4%
Recreation Services
Monthly and Annual Sub – Sectoral Trial ISPs for 2025 -26 are given at Annexure 1.
Monthly and Annual growth rates of Sub – Sectoral Trial ISPs for 2025 -26 over 2024 -25 are given at
Annexure 2.
Salient Features of ISP
Base Year and Scope & Coverage
The base year of trial ISPs is 2024 -25. The National Industrial Classification (NIC), 2025, provides a
comprehensive and contemporary classification for all economic activities undertaken in India’s economy.
The sectors covered under Sections G to Section V of NIC, 2025, form part of scope of Services Sector.
Based on its data sources, namely, GST and Administrative Data, ISP would cover the formal sector
enterprises only. Accordingly, services which are not covered in ISP are those which are either related to
core government activities or are dominated by non-market activities and the informal sector.
Data Sources
The ISP adopts a differentiated approach to compilation of sub-sectoral ISPs based on the nature and
availability of data sources. The three principal data sources are:
Administrative/secondary data for ISP of Air Transport, Railway Transport, Water Transport (Freight),
Banking and Insurance;
GST data for Wholesale Trade, Retail Trade, Repair and Maintenance, Accommodation & Food, Road
Transport, Water Transport (Passenger), Warehousing & support activities for transportation, Postal &
courier, Telecommunications, Information & Broadcasting, Real estate, IT & computer related services,
Professional, scientific & technical services including R & D, Administrative & support services and Arts,
Entertainment & Recreation;
Annual Survey of Incorporated Services Sector Enterprises (ASISSE) data for providing weights at 2/3-
digit level of NIC.
Deflators
At present, for compiling ISP, WPI is used as a deflator for wholesale trade and for other sub-sectors,
either sub-sector specific CPI has been used or suitable proxy CPI (closest match for the sub-sector
available) has been chosen. CPI – General has been used as a deflator for the sectors of Repair &
Maintenance, Banking and Insurance. The sectors where such mapping is not available, CPI-Services has
been used as a deflator. The list of sub-sector wise deflators is given as Annexure 3.
Notes:
1. The monthly ISPs are being published on an experimental basis. The publication of Trial Series
would enable MoSPI to examine data quality, test its resilience and also receive feedback of
stakeholders and users.
2. The Indices of Railways, Banking and Insurance sub – sectors, are based on provisional monthly
data and would undergo revision on an annual basis.
3. This Press Release is also available at the Ministry’s Website -http://www.mospi.gov.in.4. The Data of ISP is also available at https://esankhyiki.mospi.gov.in
Annexure 1
Monthly and Annual Sub – Sectoral Trial ISPs for 2025 -26
S. Broad Sub -Sector April May June July August September October Novem
No.
1 Wholesale Trade 104.0 113.8 106.6 113.1 111.5 133.9 136.7 117
2 Retail Trade 105.1 121.9 117.0 118.2 116.1 133.8 153.1 122
3 Repair Services 100.6 111.5 111.7 133.0 111.2 125.1 140.0 114
4 Accommodation 100.7 116.9 128.2 127.9 129.9 124.7 136.7 148
and food
5 Railway Transport 100.0 103.8 102.1 98.7 101.9 97.5 99.6 100
6 Road Transport 93.1 120.6 119.9 120.3 117.4 130.5 115.4 116
7 Water Transport 99.2 104.7 101.4 99.9 99.7 98.9 102.0 108
8 Air Transport 104.5 102.8 97.1 95.9 98.7 95.4 105.0 113
9 Warehousing and 95.6 112.0 114.8 116.4 114.1 120.5 119.0 117
support activities
for transportation
10 Postal and Courier 96.1 99.0 98.4 98.8 101.0 96.4 99.4 88
11 Telecommunications 96.9 102.7 107.9 109.4 108.0 110.4 112.0 109
12 Information and 111.2 109.2 119.6 109.8 91.9 105.2 107.4 86
Broadcasting
13 Banking 106.9 107.2 108.9 108.6 108.8 112.0 110.8 111
14 Insurance 95.9 88.7 107.1 114.0 92.6 118.0 105.6 96
15 Real Estate 93.8 96.2 95.4 106.0 98.0 110.4 105.4 102
16 IT and computer 97.4 99.0 115.3 107.6 102.3 121.4 109.7 107
related servicesS. Broad Sub -Sector April May June July August September October Novem
No.
17 Professional, 91.2 100.6 112.5 105.3 98.8 116.5 111.7 108
scientific &
technical services
including R & D
18 Administrative and 93.6 101.2 106.4 111.3 105.0 120.4 115.2 104
support services
19 Arts, Entertainment 109.6 138.4 112.4 105.3 117.2 98.5 120.1 98
and Recreation
Services
*****
Annexure 2
Monthly and Annual Growth of Sub – Sectoral Trial ISPs for 2025 -26
S. Broad Sub -Sector April May June July August September October N
No.
1 Wholesale Trade 4.0% 13.8% 6.6% 13.1% 11.5% 33.9% 36.7%
2 Retail Trade 5.1% 21.9% 17.0% 18.2% 16.1% 33.8% 53.1%
3 Repair Services 0.6% 11.5% 11.7% 33.0% 11.2% 25.1% 40.0%
4 Accommodation 0.7% 16.9% 28.1% 27.9% 29.9% 24.7% 36.7%
and food
5 Railway Transport 0.0% 3.8% 2.1% -1.3% 1.9% -2.6% -0.4%
6 Road Transport -6.9% 20.6% 19.9% 20.3% 17.4% 30.5% 15.4%
7 Water Transport -0.8% 4.7% 1.4% -0.1% -0.3% -1.1% 2.0%
8 Air Transport 4.5% 2.8% -3.0% -4.1% -1.3% -4.6% 5.0%9 Warehousing and -4.4% 12.0% 14.8% 16.4% 14.1% 20.5% 19.0%
support activities
for transportation
10 Postal and Courier -4.0% -1.0% -1.6% -1.2% 0.9% -3.6% -0.6%
11 Telecommunications -3.1% 2.7% 7.9% 9.4% 8.0% 10.4% 12.0%
12 Information and 11.2% 9.2% 19.6% 9.8% -8.1% 5.2% 7.4%
Broadcasting
13 Banking 6.9% 7.2% 8.9% 8.6% 8.8% 12.0% 10.8%
14 Insurance -4.1% -11.3% 7.1% 14.0% -7.4% 18.0% 5.6%
15 Real Estate -6.2% -3.8% -4.6% 6.0% -2.0% 10.4% 5.4%
16 IT and computer -2.6% -1.0% 15.3% 7.6% 2.3% 21.4% 9.7%
related services
17 Professional, -8.8% 0.6% 12.5% 5.3% -1.3% 16.5% 11.7%
scientific &
technical services
including R & D
18 Administrative and -6.4% 1.2% 6.4% 11.3% 5.0% 20.4% 15.2%
support services
19 Arts, Entertainment 9.6% 38.4% 12.4% 5.3% 17.2% -1.5% 20.1%
and Recreation
Services
*****
Annexure 3
Deflators
Sr. No. Broad Sectors Deflator Used
1 Wholesale Trade WPI
2 Retail Trade* CPI - RetailSr. No. Broad Sectors Deflator Used
3 Repair & Maintenance Services CPI - General
4 Accommodation and food service activities CPI - Restaurants and accommodation
services
5 Railway Transport Not Required
6 Road Transport CPI - Passenger transport by road
7 Water Transport-Passenger CPI - Passenger transport by sea and
inland waterway
Water Transport- Freight Not Required
8 Air Transport Not Required
9 Warehousing and support activities for CPI - Transport
transportation
10 Postal & Courier Services CPI - Postage Courier and Money
Order
11 Telecommunication CPI - Information & Communication
12 Information and Broadcasting* CPI - Information and Broadcasting
13 Banking CPI - General
14 Insurance CPI - General
15 Real Estate Activities CPI - Actual Rental Payments made for
housing (Urban)
16 IT and computer related services* CPI - Services
17 Professional, scientific & technical services CPI - Services
including R & D*
18 Administrative and support services* CPI - Services
19 Arts, Entertainment and Recreation Services CPI - Recreation, sport and culture
Note:*Retail, Information & Broadcasting and Services CPI have been worked out based upon related items in
the CPI item basket.
*******
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