New Delhi, 15 July : India’s services sector has recorded strong expansion, with the government releasing its first-ever Services Production Index (SPI) that highlights significant growth across key areas of the economy.
The newly introduced index showed that several service categories witnessed double-digit annual growth, underlining the increasing contribution of the services industry to India’s overall economic performance. According to the data, 14 out of 19 tracked service sub-sectors registered double digit growth in April.
The index is expected to become an important tool for policymakers, businesses and investors to evaluate trends in sectors such as information technology, financial services, transportation, communication and professional services.
Experts believe the strong performance of the services industry reflects growing domestic demand, digital transformation and increased business activity across multiple segments.
India’s service sector has remained one of the biggest contributors to economic growth, providing employment opportunities and attracting global investments. The latest data is expected to support policy decisions aimed at strengthening service-based industries.
Industry leaders said continued investment in technology, infrastructure and skilled workforce development will be crucial for maintaining long-term growth momentum.
The release of the new index comes at a time when India is focusing on expanding its role in global services, especially in areas such as artificial intelligence, technology solutions, finance and business outsourcing.