India's services index shows ten sub-sectors posting double-digit year-on-year growth in July
Ten of the 19 service sub-sectors recorded double-digit year-on-year growth in July 2026, according to the trial Index of Services Production released by the Ministry of Statistics and Programme Implementation.
India's Ministry of Statistics and Programme Implementation published the fourth trial edition of its Index of Services Production, anchored to the 2024-25 base year. In July 2026, ten of the 19 monitored sub-sectors posted double-digit growth versus a year earlier, and seven additional sectors expanded, underscoring strong momentum in the formal services economy. The strongest gains came from accommodation and food (12.6%), retail trade (18.5%), administrative and support services (20.9%), banking (12.3%) and real estate (14.4%).
Air transport and repair services fell, while rail, road and water transport grew by 7.5%-9.9%. The ISP, modeled on the Index of Industrial Production, draws heavily on GST filing data and aims to sharpen short-term GDP forecasts and help the Reserve Bank of India assess demand conditions. Future releases will add private health and education once comprehensive survey data are available.
Why it matters
The index gives policymakers and investors a timely gauge of India's service-driven growth, improving economic forecasting and monetary policy decisions.
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