The government will launch the Index of Service Production (ISP) next month, a new high-frequency indicator aimed at tracking growth in the services sector, with 2024-25 as the base year, the statistics ministry said Wednesday. The index will cover sectors like wholesale and retail trade, transport, banking, insurance, telecommunications, hotels & restaurants, real estate, professional, scientific and technical services, and arts, entertainment & recreation. “As counterpart of the IIP (Index of Industrial Production) which measures the economic growth of the industrial sector, ISP will cover the formal services sector and will be released on a monthly basis,” the ministry said in a statement.