
The Ministry of Statistics and Programme Implementation (MoSPI) has proposed the introduction of a new Index of Service Production (ISP) to monitor the performance of the formal services sector in India.
The index will use FY25 as its base year and aims to cover at least 70% of the service sector at the 2-digit National Industrial Classification (NIC) level. It is to be noted that MoSPI intends to use Producer Price Indices (PPI) or sector specific Consumer Price Indices (CPI) as a deflation strategy to convert nominal turnover into real volume terms.

