14 service sectors grew in double digits in April as per inaugural Index of Services Production
India's inaugural Index of Services Production revealed that 14 sub-sectors achieved double-digit growth in April. This new economic measure tracks 19 specific sub-sectors representing roughly 60% of the country's total services value.
The Indian government has launched its inaugural Index of Services Production (ISP), providing a more granular view of the nation's dominant economic sector. In its first release covering April, 14 out of 19 tracked sub-sectors reported growth in the double digits, signaling robust activity across diverse service industries.
This new statistical tool measures 19 specific sub-sectors, which collectively account for approximately 60% of the total services sector in India. The indexing aims to provide policymakers and analysts with more frequent and accurate data points regarding service-side output, similar to the Index of Industrial Production (IIP) for manufacturing.
While the broader services sector has historically been a primary driver of the Indian economy, the introduction of this index fills a data gap by quantifying specific divisional performance. The diverse growth across the sub-sectors highlights a broad-based recovery and expansion in the domestic services landscape. Source: Ministry of Statistics and Programme Implementation via official reports.
