India's industrial output shows surprising strength, with the Index of Industrial Production (IIP) hitting a five-month high in May 2026. Manufacturing also grew robustly. While some attribute this to domestic consumption revival, evidence suggests export growth is the primary driver, given record merchandise exports versus slower domestic GST revenues. This export-led growth raises concerns about internal demand. Data credibility is also questioned due to MoSPI's belated, unsystematic methodological changes and discrepancies with the separate, slower-growing Core Sector Index. These issues hint at underlying problems despite positive headline figures.