India's Ministry of Statistics and Programme Implementation (MoSPI) has unveiled a modernized Index of Industrial Production (IIP), marking a significant overhaul aimed at better reflecting the current industrial landscape. The base year has been updated from 2011-12 to 2022-23, aligning the index with contemporary economic realities. This new series broadens the scope by incorporating sectors such as Gas Supply and Water Supply, while the item basket has expanded to 1,042 products from 839, ensuring more relevant commodities are included. The weights assigned to these items have also been updated based on the latest Gross Value Added data. Furthermore, the new IIP offers enhanced granularity, providing separate indices for electricity generation from both renewable and non-renewable sources. Alongside the IIP changes, the CPI has been revamped with a new base year of 2024, which now includes rural house rent for the first time, reflecting updated consumption patterns. These revisions are part of MoSPI's broader initiative to modernize India's statistical framework.