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Mospi launches trial services output index to track monthly sector activity

The trial Index of Services Production covers 19 sub-sectors of the formal economy, with accommodation and food services recording the fastest growth in April 2026

India's first monthly services activity index showed broad-based growth in April, with accommodation, retail and real estate leading expansion across the formal economy.

Himanshi Bhardwaj New Delhi

2 min read Last Updated : Jul 14 2026 | 4:38 PM IST

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India got its first monthly gauge of services-sector activity on Tuesday, with the Ministry of Statistics and Programme Implementation (MoSPI) releasing a trial Index of Services Production (ISP) covering 19 sub-sectors.

The index, with 2024-25 as its base year, spans about 60 per cent of the formal services economy. Fourteen of the 19 sub-sectors posted double-digit growth in April 2026 over April 2025, led by accommodation and food services (37.2 per cent), retail trade (30.8 per cent), administrative and support services (28.7 per cent), and real estate activities (27.7 per cent). Air transport (-13.9 per cent) and railway transport (-0.4 per cent) were the only sub-sectors to contract during the month.

In the first release of the trial Index of Services Production (ISP), accommodation and food services emerged as the fastest-growing segment of India’s formal services economy, recording a 37.2 per cent year-on-year increase in April 2026, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.

Retail trade followed with growth of 30.8 per cent, while administrative and support services expanded 28.7 per cent and real estate activities grew 27.7 per cent. Of the 19 services sub-sectors covered under the trial index, 14 recorded double-digit annual growth in April, pointing to broad-based expansion across the formal services sector.

Air transport was the weakest-performing segment, contracting 13.9 per cent from a year earlier, while railway transport declined 0.4 per cent. All other sub-sectors registered positive growth.

The trial ISP, with 2024-25 as the base year, is India’s first high-frequency indicator designed to track monthly activity in the services sector, much like the Index of Industrial Production (IIP) does for industry. The current release covers 19 sub-sectors based on administrative and GST-linked data but does not include an overall composite index. MoSPI said a composite ISP would be introduced after assessing the stability of the trial series and expanding coverage. The ministry will release the trial index on the 29th of every month.