India Launches Services Production Index; 14 of 19 Sub-Sectors Show Double-Digit Growth

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The Indian government has introduced a new Index of Services Production to monitor economic activity in the formal services sector. In its first release covering April, 14 out of 19 sub-sectors recorded double-digit growth. Accommodation and food services emerged as the top performers, leading overall expansion. Air and railway transport were the only two sub-sectors to register declines during the period. The index is set to be published on a monthly basis going forward.

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