Key Details
The Index of Services Production (ISP) tracks changes in the volume of services produced. MoSPI’s July 2026 release reports separate trial indices for 19 sub-sectors, using 2024–25 as the base year. Seventeen of the 19 sub-sectors grew year on year; ten recorded double-digit growth.
Sub-Sector | Growth Over July 2025 |
|---|---|
Administrative and support services | 20.9% |
Retail trade | 18.5% |
Real estate | 14.4% |
Banking | 12.3% |
IT and computer-related services | 10.7% |
Repair services | −5.0% |
Air transport | −8.4% |
Trade and Business Services Record Strong Growth
Retail trade grew 18.5%, while wholesale trade rose 12.1%. Administrative and support services recorded the fastest growth among the tracked sub-sectors at 20.9%. Real estate, banking, telecommunications and IT and computer-related services also posted double-digit increases.
These are separate measures of production. Their growth rates cannot be added together or read as an overall services-sector growth rate.
Transport Growth Varies by Mode
Road transport grew 9.9%, railway transport 7.5% and water transport 7.7%. Warehousing and transport-support activities rose 9.8%. Air transport moved in the opposite direction, contracting 8.4% year on year. Repair services was the only other sub-sector to decline, by 5.0%.
The divergence is more informative than the count of growing sub-sectors alone: activity increased across much of the measured services landscape, but the transport categories did not move together.
The Monthly Series Remains Experimental
MoSPI is publishing the indices as a trial series to assess data quality and gather user feedback. The indices for railways, banking and insurance use provisional monthly data and are subject to annual revision. The release provides sub-sector results and a monthly series from July 2025; it does not publish a combined ISP for July 2026.
Policy Relevance
The ISP gives economic policymakers a more timely view of where measured services activity is growing or weakening. July’s results draw attention to strong trade and business-service growth alongside declining air transport and repair activity—differences that a single headline measure could obscure.
For now, its best use is sub-sector monitoring. The trial figures should be assessed alongside other economic data, particularly before treating a change in one index as evidence of a broader shift in services output.
Follow the Full Release Here: MoSPI’s Sub-Sectoral Trial Index of Services Production for July 2026