India’s new services barometer flashes strength
India's services sector experienced robust expansion in July, with 17 out of 19 sub-sectors expanding year-on-year, according to the government's new Index of Services Production (ISP). The services sector, which accounts for over half of India's gross value added, now boasts a monthly indicator for the first time, filling a critical gap in economic data. The ISP is designed to complement the Index of Industrial Production (IIP), providing a high-frequency snapshot of services activity month-to-month.
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