Key Details
The National Statistical Office’s Sub-Sectoral Trial Index of Services Production for June 2026, released by the Ministry of Statistics and Programme Implementation on 31 August 2026, tracks monthly activity across 19 service sub-sectors using 2024–25 as its base year.
Breadth of growth: 18 of 19 sub-sectors recorded year-on-year expansion.
Double-digit performers: Eight sub-sectors grew by more than 10%.
Fastest-growing sub-sectors | June 2026 index | Year-on-year growth |
|---|---|---|
Real estate | 119.0 | 24.7% |
Retail trade | 138.0 | 18.0% |
Wholesale trade | 122.8 | 15.1% |
Administrative and support services | 121.7 | 14.4% |
IT and computer-related services | 130.8 | 13.5% |
Warehousing and transport support | 128.3 | 11.8% |
Banking | 121.3 | 11.4% |
Accommodation and food services | 141.2 | 10.2% |
Air transport declined 6%, with its index falling from 97.1 in June 2025 to 91.2 in June 2026.
What Is the Index of Services Production?
An Index of Services Production tracks changes in the volume of services produced relative to a base year. An index above 100 indicates that activity is higher than its average level during the base year, but it does not show the sector’s rupee value or its contribution to GDP.
For example, retail trade’s index of 138.0 indicates activity 38% above its 2024–25 base-year level. Its 18% year-on-year growth compares the June 2026 index with June 2025—not with the base year.
The Release Introduces a New High-Frequency View of Services
India has long had monthly production indicators for industry, but comparable high-frequency measurement of services has been more limited. The trial Index of Services Production (ISP) is intended to track changes in the volume of activity across individual service industries.
Its 19 sub-sectors cover trade, repair, hospitality, transport, communications, finance, real estate, information technology, professional services and recreation.
This release does not provide a weighted headline index for the entire services sector. The finding that 18 sub-sectors grew therefore shows the breadth of expansion, but it should not be interpreted as a measure of aggregate services growth. Large and small sub-sectors do not contribute equally to overall economic output.
Growth Extended Beyond Digital and Financial Services
The strongest gains were not confined to technology. Real estate, retail and wholesale trade occupied the top three positions, pointing to stronger activity across property and distribution services.
IT and computer-related services grew 13.5%, banking 11.4% and telecommunications 9.5%. Professional, scientific and technical services—including research and development—increased 9.1%.
Transport presented a more varied picture:
warehousing and transport-support services grew 11.8%;
road transport increased 9.7%;
water transport rose 6.9%;
railways grew 3.3%; and
air transport contracted 6%.
The divergence means the overall expansion cannot be described as uniform across mobility-related services.
Monthly Indices Reveal Different Seasonal Patterns
Several sub-sector indices fluctuated considerably between June 2025 and June 2026. Accommodation and food services, insurance, professional services and recreation recorded particularly high readings in some months before moderating.
Such movement may reflect seasonal demand, reporting patterns or changes in underlying activity. Since the release does not provide seasonally adjusted estimates, month-to-month comparisons should be treated cautiously. The more direct comparison in this release is between June 2026 and the corresponding month a year earlier.
The Series Remains Experimental
MoSPI is publishing the monthly indices on a trial basis to test data quality, assess the resilience of the series and receive stakeholder feedback.
The railway, banking and insurance indices use provisional monthly data and will be revised annually. The current release also does not provide an aggregate index, sub-sector weights or a detailed account of how each service’s volume is measured.
These limitations do not make the series unusable. They define its present role: a set of early sub-sector indicators, rather than a settled counterpart to the Index of Industrial Production.
Policy Relevance
The immediate value lies in identifying turning points within services before quarterly GDP data become available. Sub-sector indices can help distinguish expansion in trade, finance or IT from weakness in particular transport services.
The statistical challenge is to ensure that nominal revenues, prices and actual service volumes are separated consistently. This is especially important in sectors such as banking, real estate and insurance, where output is harder to observe than the number of physical goods produced.
The next stage of development will require transparent methodology, stable source data, revision histories and appropriate weights if MoSPI intends eventually to produce an aggregate services-production measure. Until then, each sub-sector should be interpreted on its own terms.
Follow the Full Release Here: Sub-Sectoral Trial Index of Services Production for June 2026