An Approach Paper to Compilation of the Index of Service Production (ISP) for the formal sector of the economy

• Index of Service Production (ISP) is a proposed high-frequency index by NSO/MoSPI to capture short-term movements in India's services sector, analogous to the existing Index of Industrial Production (IIP).
• Services contribute >50% of India's GDP yet had no monthly tracking index — ISP fills a critical data gap.
• The approach paper, released 27 April 2026, proposes using aggregated GSTN data as the core data source.
• UPSC relevance: directly intersects GS-III (economy, statistical infrastructure) and current-affairs Prelims hooks on indices.