Govt releases first services production index; 14 sub-sectors post double-digit growth

AI Summary

India's government introduced the first monthly Index of Services Production, revealing that 14 out of 19 formal services sub-sectors experienced double-digit growth in April. Accommodation and food services saw significant expansion, while air and railway transport sub-sectors faced declines.

India's government has launched a new Index of Services Production. Fourteen of nineteen formal services sub-sectors showed double-digit growth in April. Accommodation and food services expanded significantly, leading the growth figures. Air and railway transport were the only sub-sectors to record declines. This index will now be released monthly to track economic activity.