The new series of the Index of Industrial Production (IIP) is set to substantially expand the coverage by incorporating minor and rare earth minerals, gas supply, water supply, sewerage, and waste management sectors, according to the Ministry of Statistics and Programme Implementation (MoSPI). The statistics ministry will release the revised IIP with 2022-23 as the new base year, replacing the earlier 2011-12 series, on June 1. This marks the third major high-frequency economic indicator to undergo a base year revision after GDP and the Consumer Price Index, aiming to present a more accurate and contemporary picture of India’s industrial performance.