This report undertakes an assessment of the present state of the Khalistan movement in India. It first introduces a fresh lens to view Sikhism’s legacy issues within India and maps out the political trajectory of the political movements borne out of such issues. It then extensively outlines the socio-political churn that has taken place in Punjabi society in recent years, which contributes to the room available for new political forces to ply in. Within this context, the paper maps out the political, foreign, external, and individual indicators to assess the overall degree of popular support that the Khalistan movement enjoys in Punjab today. Having drawn these indicators out on a table, the paper then outlines the state’s response strategies for the Khalistan movement, and the possible implications that recent developments might have for India’s bilateral relationships. The analysis in the paper is based on a field trip carried out in January 2023, where we met with important stakeholders in Punjab. The analysis is also supplemented by online interviews with stakeholders in Canada, in-person meetings in New Delhi, and an extensive review of published analysis on the subject.