MoSPI debuts trial Services Production Index; retail trade jumps 30.8% YoY in April
The government's new high-frequency Index of Services Production covers 19 sub-sectors spanning ~60% of the services economy. April data show retail trade up 30.8% and accommodation & food services up 37.2% year-on-year, with 14 of 19 sub-sectors posting double-digit growth despite West Asia conflict; air transport lagged at -13.9%.
Government launched trial Index of Services Production covering retail trade, accommodation and food services. April data showed retail trade grew 30.8% and hospitality 37.2% year-on-year, giving Indian retail operators a new high-frequency demand indicator.
Why this matters
MoSPI's first high-frequency services index provides new footfall-relevant read on retail and hospitality demand, with retail trade up 30.8% and food & accommodation up 37.2% signaling strong consumer activity.
Footfall signals steady at 365 in the last 90 days