India's Ministry of Statistics and Programme Implementation (MoSPI) announced a major overhaul of the Index of Industrial Production (IIP), set to be released on June 1. The new index will update the base year to 2022-23 and broaden its coverage to include sectors such as minor minerals, rare earth minerals, and waste management. The revamped IIP will track 1,042 products across 463 item groups, restructuring the manufacturing basket by adding 120 new item groups and removing 64. The new series will also introduce separate indices for renewable and non-renewable electricity generation, enhancing the granularity of industrial activity tracking. Additionally, the report suggests using tap connections to monitor water supply and sewerage in 500 AMRUT cities. A chain-linked IIP will be introduced alongside the fixed base index, allowing for periodic updates of weights and improved data accuracy across all 36 states and union territories.