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Here is the basic difference ....
Subscript represents occurrence # of the Table Entry. Subscript can be represented explicitly and implicitly. Explicitly means thru occurrence # of the table entry; implicitly means thru a data name. That data name should be defined as an independent item in the W-S Section. The most efficient definition of Subscript is Full-Word binary.
A Index is assigned to specific table thru INDEXED BY clause. Internally is represented by Index Register which is Full-Word binary. Specific index name can be used to reference a field from the table to which that index is assigned to index represents displacement value of the table entry from the beginning of the table.
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