The Ministry of Statistics and Programme Implementation (MoSPI) has released the Index of Services Production (ISP) for July 2026, tracking performance across 19 service sectors of the Indian economy. The index uses 2024-25 as the base year. The data shows varied performance across different service industries, with retail and administrative services recording strong growth while air transport faced contraction.
Key facts
- 19 service sub-sectors covered in the index
- Retail trade ISP: 140.0, growth of 18.5 percent year-on-year
- Administrative and support services ISP: 134.5, growth of 20.9 percent
- Accommodation and food services ISP: 144.0, growth of 12.6 percent
- Air transport ISP: 87.8, decline of 8.4 percent
- Repair services ISP: 126.3, decline of 5.0 percent
- Banking sector ISP: 121.9, growth of 12.3 percent
- IT and computer services ISP: 119.1, growth of 10.7 percent
- Data released on experimental basis with monthly figures from July 2025 onwards
- Complete data available on e-Sankhyiki portal and MoSPI website
What the Index of Services Production measures
The ISP is a statistical tool that tracks the volume of output produced across service industries in India. Unlike manufacturing, where production is easier to count, services require measurement through proxy indicators such as transaction volumes, hours worked, or physical units of service delivery. The index helps policymakers and analysts understand economic activity and growth patterns in the services sector, which accounts for a significant share of India’s GDP.
Performance across major service sectors
The data reveals a mixed picture across service industries in July 2026. Trade sectors showed robust growth. Retail trade recorded the second-highest growth at 18.5 percent, reflecting increased consumer spending. Wholesale trade grew 12.1 percent. Within accommodation and food services—covering hotels, restaurants and catering—the index stood at 144.0 with growth of 12.6 percent, suggesting strong domestic and tourism demand.
Financial services remained steady. Banking sector activity grew 12.3 percent and insurance 8.9 percent, indicating healthy financial intermediation. Real estate services showed growth of 14.4 percent. Telecommunications, crucial for connectivity, grew 11.0 percent.
Transport sectors showed divergent trends. Railway transport grew 7.5 percent, road transport 9.9 percent, and water transport 7.7 percent. However, air transport contracted 8.4 percent, suggesting weakness in aviation passenger or freight volumes. Repair services also declined 5.0 percent.
Administrative and support services—encompassing functions like office administration, security services and cleaning—recorded the strongest growth at 20.9 percent, possibly reflecting expansion in business process outsourcing and facility management. Arts, entertainment and recreation services grew only 1.7 percent.
Why this index matters
The ISP complements other economic indicators like GDP and industrial production. Since services now comprise roughly 50 percent of India’s economy, tracking this sector’s health is essential for understanding overall economic performance. The data helps businesses make investment decisions, allows researchers to study sector-specific trends, and provides evidence for policy discussions about growth and employment.
How the data was compiled
The Ministry notes that indices for railways, banking and insurance are based on provisional monthly data and will be revised annually. The other sub-sectors use different underlying data sources suited to their characteristics. This revision process reflects standard statistical practice where initial estimates are refined as more complete information becomes available.
Experimental publication basis
The Ministry is publishing this as a trial series to test data quality, resilience and reliability. This means MoSPI is examining whether the methodology works, whether data sources are dependable, and how stakeholders respond to the published figures. Feedback from users and industry participants will help improve future releases. The experimental approach allows refinement before making this a permanent regular publication.
What this means for you
Businesses in service sectors can use this data to benchmark their own performance against industry trends. Investors may consider these indicators when assessing opportunities in different service industries. Students and researchers studying economics or specific sectors will find this a useful empirical reference. Policymakers can track sectoral health and design targeted interventions where needed. The data suggests retail, hospitality and administrative services are expanding, while aviation faces headwinds.
Accessing the data
The complete monthly Index of Services Production data from July 2025 onwards is available on the e-Sankhyiki portal at https://esankhyiki.mospi.gov.in and on the Ministry’s website at http://www.mospi.gov.in.