Possibly—but not yet. A proposal reported by Moneycontrol would use UPI merchant-category payment values as a monthly signal of private education and healthcare activity. MoSPI’s official material confirms that education and health are planned for later inclusion in its developing Index of Services Production (ISP), but does not confirm that UPI is the chosen data source or that a UPI-based measure is live.
What the reported proposal would measure
According to Moneycontrol’s October 6, 2026 report, the proposed indicator would group UPI transaction values by merchant category code and use them to track changes in education and health activity. The report describes the proposed category coverage as follows; it is not independently confirmed here against a MoSPI technical specification.
- Education: elementary and secondary schools; colleges and universities; professional and correspondence schools; vocational and trade schools; and other education services.
- Health: hospitals; doctors and physicians; dentists; optometrists; nursing and personal-care facilities; medical and dental laboratories; and other healthcare practitioners.
The aim, as reported, is a more frequent signal of activity in sectors whose output is not easy to observe month by month. It would be a measure of payments grouped into relevant categories—not a count of schools, students, hospitals, patients, or services delivered.
How transaction values might become an activity indicator
The reported calculation begins with nominal UPI transaction values and adjusts them for price changes using the Consumer Price Index (CPI) for education or health. In principle, removing price effects can help distinguish a rise in spending caused by higher prices from a rise that may reflect more real activity.
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That approach is broadly consistent with MoSPI’s April 27, 2026 services-sector approach paper, which says turnover should be deflated using an appropriate price measure and that CPI can be used for business-to-consumer services where a suitable producer price index is unavailable. This methodological fit does not establish that MoSPI has adopted the specific UPI calculation.
Where UPI would fit in MoSPI’s services index
MoSPI defines the ISP as “a short-term indicator designed to measure changes over time in the volume of output produced by the services sector relative to a specified base period.” Its June 24, 2026 FAQ says the index is intended to cover the formal services sector, be released monthly, and use 2024–25 as its base year.
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The FAQ says health and education were proposed for later inclusion after results from the Annual Survey of Incorporated Services Sector Enterprises (ASISSE) are released. It does not name UPI as the data source for those sectors. MoSPI says it established a Technical Advisory Committee on ISP in May 2025 and released its approach paper for stakeholder comments in April 2026. The stated purpose of the index is to provide timely information for economic monitoring, forecasting, business-cycle analysis, and evidence-based policy.
The distinction matters: the wider ISP is an official developing framework, and later inclusion of health and education is in MoSPI’s FAQ. The UPI-based method is a separate detail attributed to Moneycontrol’s report, not a confirmed specification or an already published statistic.
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What the signal could—and could not—show
If implemented, a monthly UPI series could offer a timelier view of payment activity than measures that arrive less often. But payment values are only a proxy for service output. The sources cited here do not provide a validation study showing that UPI transactions fully represent education or healthcare activity.
- It could indicate: changes over time in the value of UPI payments captured under the reported merchant categories, with a CPI adjustment intended to account for prices.
- It would not by itself establish: enrolment, patient volume, service quality, access, health or education outcomes, or the total value of services provided.
- Coverage may differ from the sector as a whole: the proposal is described as mainly capturing private and household spending through UPI. Payments made through other methods, and activity not represented by the listed categories, would not necessarily be captured by that signal.
Moneycontrol says the reported plan would pair UPI as an indicator of private activity with Public Financial Management System (PFMS) expenditure data as an indicator for government services. It also reports that the public sector accounts for 65.6% of education GVA and 42.7% of health GVA. Those shares are figures attributed to the report, not independently confirmed in the MoSPI materials cited here; they underscore why a private-payment proxy should not be mistaken for a complete sector measure.
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Why monthly timing could matter
MoSPI says services have contributed more than 50% of India’s gross value added since 2013–14. The need for timely indicators is therefore broader than these two sectors. UPI’s scale makes it a potentially useful data source to examine: the Ministry of Finance reported 24,161.69 crore UPI transactions in FY 2025–26, up 30.0% year over year. Those are transaction-volume figures, not education or healthcare payment values, and they do not demonstrate how representative the proposed sector series would be.
For readers, the practical question is not simply whether UPI is widely used. It is whether payments classified under the proposed codes and adjusted for prices track changes in service output reliably, and how the index accounts for activity outside UPI and for public provision. The cited sources do not yet answer those validation questions.
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What is confirmed, and what remains reported
| Question | What the cited material says |
|---|---|
| Is MoSPI developing a monthly services index? | Yes. Its June 24, 2026 FAQ describes a monthly ISP for the formal services sector, with base year 2024–25. |
| Are health and education planned for inclusion? | Yes, later, after ASISSE results are released, according to the MoSPI FAQ. |
| Has MoSPI confirmed UPI as the data source for those sectors? | No such confirmation appears in the cited FAQ or approach paper. The specific UPI method is reported by Moneycontrol on October 6, 2026. |
| Is a UPI-based monthly health and education statistic already being released? | No evidence of a live series appears in the cited sources. |
| Would UPI payments equal service output? | No. The reported method would use payments as a proxy; the cited sources provide no validation showing that the proxy fully represents output. |
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