Services sector growth may have fallen sharply in May, suggests MoSPI’s experimental data

['Siddharth Upasani', 'Siddharth Upasani Is A Deputy Associate Editor With The Indian Express. He Reports Primarily On Data', 'The Economy', 'Looking For Trends', 'Changes In The Former Which Paint A Picture Of The Latter. Before The Indian Express', 'He Worked At Moneycontrol', 'Financial Newswire Informist', 'Previously Called Cogencis . Outside Of Work', 'Sports', 'Fantasy Football'] The Indian Express 2026-07-29 16:56:04

India’s services sector growth may have more than halved in May from around 20.5% in April, the statistics ministry’s experimental Index of Services Production (ISP) for 19 sub-sectors, released Wednesday, suggested. Since the ISP data – which has 2024-25 as the base year – is still at a trial stage, the Ministry of Statistics and Programme Implementation (MoSPI) is not providing an overall services sector growth number. However, calculations by The Indian Express showed that the headline services sector growth figure may have declined from around 20.5% in April to approximately 9.5% in May. Even around 9.5%, services sector growth in May was almost double the 5% expansion clocked by the industry, as per the Index of Industrial Production (IIP). Private firm S&P Global’s services Purchasing Managers’ Index (PMI) has been the only measure of the country’s services sector.