India's New Services Index to Launch July 14, Base Year FY25

Excluded sub-sectors include core government activities, non-market dominated services, social work without accommodation, membership organizations, private households with employed persons, government-provided health and education, and gambling.

MoSPI will draw on three data sources: administrative data, GST returns, and the ASISSE. GST data is being used in statistical applications for the first time. The ministry said it will release trial indices for a period to observe stability before moving to regular publication.

The index measures real output changes over time. Because primary data comes in nominal value terms, the ISP uses a price deflator to strip out price effects and capture actual volume changes in service output.

The conceptual framework was finalized with a technical advisory committee formed in May 2025, headed by NITI Aayog's Debjani Ghosh. The committee includes representatives from academia, industry associations, and services-sector ministries.

The ISP aims to complement the IIP and provide high-frequency data for economic forecasting and business-cycle analysis. The ministry said it will strengthen the statistical framework for analytical and policy work.