The Indian government is set to implement a comprehensive revamp of the Index of Industrial Production (IIP), aiming to better reflect the changing industrial landscape. This overhaul, recommended by the Technical Advisory Committee on Base Year Revision of the All-India Index of Industrial Production (TAC-IIP), will introduce a new series with a base year of 2022-23. Key changes include expanding the index's coverage to include sectors such as minor minerals, gas supply, and waste management. The committee has proposed a chain-linked IIP alongside the traditional fixed-base index, allowing for annual updates of weights to capture structural changes in production. The updated index will feature 1,042 products across 463 item groups, aligning with the National Industrial Classification 2025. The first release of this revised IIP series is planned for June 1, 2026, offering index values from April 2023. This significant revision is deemed essential due to advancements in technology, digitalization, and shifts in global supply chains, ensuring that the index remains relevant and accurate.