NSE Index Ltd, a subsidiary of National Stock Exchange, has launched India’s first index to track the electric vehicle and new age automobile segment. NSE said that this is India’s first electric vehicle index. The new index is expected to act as a benchmark for asset management, becoming a reference index to be tracked by passive funds in the form of exchange traded funds (ETFs), index funds and structured products.

There are currently 17 thematic indices on NSE. Apart from Nifty Commodities, Nifty India Consumption, Nifty CPSE, Nifty Energy and Nifty Infrastructure thematic indices, NSE operates broad market indices (such as Nifty, Nifty Next 50, Nifty 100, Nifty 100 etc.) and 15 sectoral indices including Nifty Bank, Nifty IT and Nifty Auto. It also operates strategy indices and fixed income indices. The base date of the index is April 02, 2018 and the base price is 1000 points. Stocks which are part of or were part of the Nifty 500 index at the time of review are eligible for inclusion in the index.

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Announcement of reduction of tick size

Recently, the National Stock Exchange (NSE) has decided to make the ‘tick size’ i.e. the minimum price difference to one paisa for all shares priced below Rs 250 from June 10. Let us tell you that tick size indicates the minimum price difference between two consecutive bid and offer prices. Currently, the tick size for these shares is five paisa, which will be reduced to one paisa. The purpose of this step is to increase liquidity and find better value through more accurate price adjustment. Let us tell you that last year, BSE had reduced the ‘tick size’ from five paisa to one paisa for shares trading below Rs 100.

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Budget 2024: Use of electric vehicles is increasing rapidly. The government is also emphasizing on increasing the use of electric vehicles. This will reduce the demand for petrol and diesel. Very little crude oil is produced in the country. Therefore the government has to import more than 80 percent of crude oil. A lot of foreign exchange is spent on this. Also, pollution increases due to the use of petrol and diesel. In September this year, the number of registered electric vehicles (EV) in the country was a little more than 27 lakh. EV sales in the third quarter this year stood at 3,71,214 units. This is 40 percent more than the same period a year ago. Finance Minister Nirmala Sitharaman introduced EVs inUnion Budget on February 1, 2023 Many steps were taken to promote

There will be benefit from the production of EV batteries in the country

Sitharaman had doubled the budget of FAME Scheme-2. It was announced to continue the concession on duty on EV batteries. FAME means Faster Adoption and Manufacturing of Hybrid and Electric Vehicles. The Finance Minister had reduced the custom duty on lithium-ion batteries from 21 percent to 13 percent. This brought a lot of relief to battery manufacturing companies. Besides, this has strengthened the efforts to increase the production of EV batteries in the country. Earlier, the government had also announced to bring EV batteries manufacturing under the PLI scheme. Experts believe that if batteries for electric vehicles are produced in India, their cost will reduce. This will affect the prices of EV. Currently, the share of battery in the price of EV is very high.

EV sales will increase by reducing tax on EV spare parts

The government had taken major steps to promote electric vehicles in Budget 2023. But, experts believe that the issue of GST rate on EV spare parts has not been resolved yet. The GST rate on electric vehicles is 5 percent. But, EV spare parts (except batteries) currently attract 28 percent tax. Experts believe that the government needs to reduce it soon. Reducing this will reduce the maintenance charges of EV. This will increase people’s interest in buying electric vehicles.

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The Finance Minister has completed meetings with various parties regarding the preparations for the next financial year’s budget. If these suggestions are implemented by the Finance Ministry, then the salaried people will be benefited the most.

Different suggestions given regarding the budget include reduction in personal income tax, preparing programs for employment generation, increasing spending to boost the economy and promoting some industries. Suggestions have been received. The brainstorming on the budget started with a meeting with the industry from 21st November. It concluded on 28 November with discussions with economists. The budget for the financial year 2023-24 will be presented in the Parliament on 1 February.

Suggestion to reduce tax on electric vehicles

According to the information of the Ministry of Finance, different representatives gave many suggestions regarding the budget. It includes suggestions to bring urban employment guarantee program to increase employment opportunities, system of green certification to help MSMEs and rationalization of income tax.

Apart from this, plans to improve domestic supply system, reduce tax on electric vehicles, measures to promote India as a center for green hydrogen are included.

More than 110 representatives from various parties were involved , apart from this, suggestions were also given like bringing the unorganized sector employees under the ambit of social benefit scheme for children, ESIC.

Various parties also gave suggestions like continuation of public expenditure, fiscal consolidation and reduction in customs duty. The ministry said, ‘More than 110 representatives from seven different parties attended the eight meetings.’ Sitharaman said that the suggestions will be carefully considered while preparing the budget for the financial year 2023-24.

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