India unveils Index of Services Production with trial numbers
India is rolling out a new Index of Services Production (ISP) soon: think of it as a monthly report card for the country's huge services industry.
The government just dropped trial numbers covering 19 key sectors, which already make up about 60% of the formal services economy.
For now, the focus will stay on these sectors, but there are plans to add areas like health and education once more data comes in.
As Statistics Secretary Saurabh Garg put it, the index would strengthen the government's ability to assess economic activity in real time and improve the compilation of quarterly national accounts.
April trial records growth and declines
April's trial data paints a pretty upbeat picture: 14 sectors, including accommodation, food services, and retail trade, posted double-digit annual growth.
Not everything was rosy though; air transport shrank and railways barely moved.
The ISP is designed to fill a big gap by giving us regular updates on how India's service industries are doing (something we haven't had until now).