India releases new indicator-Index of Services Production (ISP) to measure Services sector at high frequency
Download ReportQuantEco Research || Index of Services Production (ISP) - The new kid on the block
The release of the Index of Services Production (ISP) marks a significant milestone in India's statistical architecture, introducing a high frequency framework to track activity across 19 key services sectors that together represent nearly 60% of the formal services economy. Beyond offering a timely assessment of the country's largest growth engine, the ISP is notable for integrating GST data into official economic measurement for the first time, thereby enriching the information set available for GDP estimation and macroeconomic assessment. While the introductory data paints a picture of broad-based strength in services activity in FY26 and Apr-26 both, we do observe relatively high variation in monthly annualized growth prints in several sectors. This suggests that the ISPs will require a longer history and a more stable performance before it can be relied upon as a reliable high frequency indicator.