Retail trade output up 30.8% in April as NSO's maiden ISP data flags resilient consumer demand
India's first Index of Service Production shows retail trade growing 30.8% and food and accommodation 37.2% in April, signaling durable domestic consumption despite high commercial fuel prices. Air transport (-14%) and railways (-0.4%) contracted. The index spans 19 sub-sectors covering 60% of formal services and roughly half of GVA.
NSO's maiden ISP data shows retail trade output grew 30.8% and food and accommodation 37.2% in April, signaling resilient domestic consumer demand despite high commercial fuel prices, while air transport and railways contracted.
Why this matters
The NSO's debut Index of Service Production offers the first formal read on services output, with retail and food-accommodation gains reinforcing a steady footfall trend despite high commercial fuel prices.
Footfall signals are steady, with 371 signals recorded over the last 90 days.