India’s new services speedometer flashes green across 17 sectors
Index of Services Production: In July, India's services sector experienced significant growth, with 17 of 19 sub-sectors reporting year-on-year increases. Administrative and support services demonstrated the highest growth rate at 20.9%, while retail trade followed closely at 18.5%. The newly introduced Index of Services Production provides timely insights into economic activity within this…
India's services economy grew broadly in July, with 17 out of 19 sub-sectors expanding year-on-year, according to the newly launched Index of Services Production (ISP). The sectors contributing most to the growth were administrative and support services, retail trade, real estate, accommodation and food services, and banking. The ISP, a monthly indicator designed to measure changes in the real volume of services output, aims to fill a gap in India's economic data by providing a high-frequency snapshot of services activity.
The trial series uses 2024-25 as the base year and covers 19 sub-sectors, including trade, transport, banking, insurance, real estate, IT and professional services. The ISP complements the Index of Industrial Production (IIP) and is intended to strengthen economic monitoring, forecasting and business-cycle analysis.
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