MoSPI releases approach paper on an Index of Service Production for the formal sector
The Ministry of Statistics and Programme Implementation on 27 April 2026 released an approach paper on compiling an Index of Service Production (ISP) for the formal sector, drawing on GST data, and invited stakeholder comments.
Summary
An approach paper on compiling an Index of Service Production (ISP) for the formal sector of the economy was released by the Ministry of Statistics and Programme Implementation (MoSPI) on 27 April 2026 for stakeholder comments. India has no index to capture short-term movements in services, unlike the Index of Industrial Production (IIP) for industry, even though services contribute more than half of GDP. The paper draws on the data made available by the Goods and Services Tax (GST) and other digitised administrative sources to fill this gap.
Key facts
- Released
- 27 April 2026, MoSPI (NSO)
- Subject
- Index of Service Production (ISP), formal sector
- Gap
- No short-term index for services, unlike IIP for industry
- Services share
- More than half of India's GDP
- Data source
- GST and other digitised administrative data
Practice MCQs 2 questions
MoSPI's April 2026 approach paper proposes an index to capture short-term movements in which sector?
Show answer
Correct answer: B — Services
The paper is on compiling an Index of Service Production (ISP) for the formal sector, as there is no short-term index for services unlike the IIP for industry.
Which data source does MoSPI's approach paper on the Index of Service Production draw on?
Show answer
Correct answer: D — Goods and Services Tax (GST) data
The approach paper relies on GST data along with other digitised administrative sources.